South Korean Music Producer Funds China Flying Vehicle Venture

EHang Holdings raises funds and signs deal to launch aerial tourism and sightseeing experience services

Chuck Martin, Editorial Director AI & IoT

July 14, 2023

2 Min Read
EHang Holdings Limited

A Chinese aerial vehicle (AV) company has raised $23 million in a private placement, mostly from a well-known South Korean music producer.

EHang Holdings Limited plans to use the funds for working capital and general corporate purposes, “enabling acceleration of strategic plans for technology advancement, business development and post-certification commercial operations,” according to the company.

The funds came primarily from Lee Soo Man, a South Korean music producer, entrepreneur and the founder of K-pop and SM Entertainment, a South Korean leading multinational entertainment company.

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“I was impressed by Lee’s interest and passion towards innovative technologies, future air mobility and our autonomous aerial vehicles,” said Huazhi Hu, EHang CEO, founder and chairman. “We are thrilled to have long-term strategic investors and partners who share the same values and commitment in our journey.”

EHang Holdings also signed a deal with the Bao’an District Government of Shenzhen municipality for a strategic partnership in urban air mobility for commercial operations of aerial vehicles following certification.

Bao’an District and EHang plan to jointly develop use cases, systems and routes to make Shenzhen “a national low-altitude economy development demonstration city.”

Plans include launching aerial tourism and sightseeing experience services with AVs.

The arrangement calls for the Bao’an District Government to provide comprehensive support for aerial vehicle procurement, financial leasing, infrastructure construction and low-altitude operations in the area.

EHang plans to establish an assembly and delivery center, a research and development testing center, as well as a maintenance support center in Bao’an District in the future.

EHang is among numerous AV ventures around the globe. These range from flying vehicles to transport things, such as those by MightyFlight, to those to transport people, such as those by Joby Aviation.

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About the Author(s)

Chuck Martin

Editorial Director AI & IoT

Chuck Martin, author of "Flying Vehicles," New York Times Business Bestselling author and futurist, is Editorial Director at Informa Tech, home of AI Business, IoT World Today and Enter Quantum. Martin has been a leader in emerging digital technologies for more than two decades. He is considered one of the foremost emerging technology experts in the world and his latest book title "Flying Vehicles" (The Emergence of Personal Air Travel, Flying Cars, and Air Taxis) followed "Digital Transformation 3.0" (The New Business-to-Consumer Connections of The Internet of Things).  He hosts a worldwide podcast titled “The Voices of the Internet of Things with Chuck Martin,” where he converses with top executives from the companies driving the adoption of emerging technology.

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