United Aircraft Group, which is involved in the R&D and production of unmanned aerial vehicles (UAV), has bagged 2 billion yuan ($290.8 million) in a Series D round, it announced on Monday.
The round was led by Chengdu Heavy Industry Longjin, a 40-billion-yuan ($5.8 billion) state-affiliated Fund of Funds (FoF) that invests in businesses in the advanced manufacturing industry in the city of Chengdu. The FoF was one of the backers of electric vehicle battery maker CALB, which raised HK$10.1 billion ($1.3 billion) in its initial public offering (IPO) in Hong Kong in October 2022 — the third largest IPO for the city’s bourse.
Several state-affiliated funds have joined the round including China’s National Manufacturing Transformation and Upgrade Fund, Chengdu Heavy Industry Qingyue Fund, and Anhui Quantum Science Industry Development Fund.
CoStone Capital, a leading investment firm with 55-billion-yuan ($8 billion) in assets under management (AUM), also joined the round.
Founded in 2017, the firm offers a slew of UAV products, as well as ground equipment, airborne equipment, rotor blades, and composite products. Its products and solutions are applicable across logistics and transportation, powerline inspection and construction, as well as in the oil and gas industry, among others.
Currently, the firm is working on the R&D of a next-generation tilt rotor, a type of vertical takeoff and landing aircraft that can be used in long-distance logistics and transportation, which is set to complete its trial flights in 2025, per the release.
The Shenzhen-registered firm is also equipped with offices across Beijing and Shenzhen, as well as in the provinces of Anhui, Shanxi, and Gansu.
