South Korean Music Producer Funds China Flying Vehicle VentureSouth Korean Music Producer Funds China Flying Vehicle Venture
EHang Holdings raises funds and signs deal to launch aerial tourism and sightseeing experience services
July 14, 2023
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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