According to GAC Seeds, recently, Technology, a developer of manned tiltrotor eVTOL, has completed a Series A financing of $20 million, with exclusive strategic investment from well-known overseas investment institutions, planning to create an “aerial taxi” application scenario in the Middle East. This financing will be used to accelerate the process of product development and airworthiness certification.
Image source: Shide Technology
Since the beginning of this year, under the resonance of policies and industries, a low altitude economic boom has begun, and 2024 is also expected to become the first year of domestic low altitude economic development. According to a recent white paper on low altitude economy released by the Guangdong Hong Kong Macao Greater Bay Area Digital Economy Research Institute (IDEA), it is predicted that by 2025, the comprehensive contribution of low altitude economy to China’s national economy will reach up to 5 trillion yuan. This is a blue ocean market with enormous potential.
As a new incremental product in the low altitude field, eVTOL will occupy a core position in the low altitude economic industry, and is expected to replicate the path of the electric vehicle industry, promote the development of China’s low altitude full industry chain, and become an important engine of future economic growth.
In the eVTOL industry, tiltrotor technology engineering is full of challenges, but it has broad application prospects in urban air traffic and is crucial for building an efficient and sustainable urban transportation ecosystem. It is understood that Shi’s technology has been deeply rooted in this field for many years.
In 2023, Shi’s technology achieved the first flight of its prototype aircraft, filling China’s technological gap in this direction. At present, the E20 eVTOL has entered the tilt test flight phase.
At present, Shidi Technology has obtained hundreds of intended orders from many domestic operators. At the same time, it has also established deep ties with the Middle East, Southeast Asia and other “the Belt and Road” regions to steadily expand overseas markets.
Regarding Seeds Discovery:
The “Seeds Discovery” column of GAC aims to create a service platform that links startups, industry chain ecological partners, investment institutions, and local governments, deeply empowering the upstream and downstream of the industry chain. Since its launch, this program has been committed to exploring good companies, technologies, and business models that have important inspirations and leading roles in the trend of intelligent electric vehicle transformation, and promoting the growth of innovative forces in the automotive industry.
According to statistics from GAC Motor, almost all startups reported by Seeds have successfully connected with the ecological resources of the industry chain. In the future, with the rapid development of intelligence and electrification, while endowing cars with unlimited imagination, the automotive industry chain will continue to be reshaped. Seeds Discovery will continue to focus on the “wind” track and continue to empower industrial innovation.
