Drone startup Ehang said to get $42 m for Series B

Ehang Technology Co Ltd, a drone startup established a year ago in Guangzhou has announced its Series B in Beijing on Aug 24. And that it will be getting finance of $42 million for it.

According to the company, the new round of financing is being done by GP Capital, with the participation of other companies like GGV Capital, ZhenFund, Lebox Capital, OFC and PreAngel. So far, China Daily doesn't have any other sources to verify the financing amount claimed by the company.

"We are thrilled to receive continuous support and recognition of our products and value from many influential investors, especially in the current volatile financial environment," said Hu Huazhi, founder and CEO of Ehang.

Earlier in December last year, the civil Unmanned Aerial Vehicle (UAV) company had raised $10 million for Series A. During the past eight months, Ehang has grown quickly in this highly competitive consumer drone market as the provider for app-controlled smart drones, thereby, breaking the overseas crowd funding record for Chinese technology programs with its flagship product Ghost drone.