Flying Taxi Startup in China Raises $57M

Chinese flying taxi company Vertaxi has raised $29 million in a new financing round bringing the total raised to more than $57 million.

Vertaxi is developing a five-passenger eVTOL (electric vertical takeoff and landing) vehicle to be used to transport cargo and then passengers.

The Vertaxi Matrix 1 flying vehicle would have up to 20 rotors, 16 of which would be for lift, and a range of 150 miles, according to the company.

The Civil Aviation Administration of China earlier this year accepted the application for type certification of the M1B unmanned cargo eVTOL vehicle.

The company expects to receive its manned airworthiness certificate in 2027.

The Vertaxi 2-ton eVTOL M1 took its maiden flight in Shanghai in October 2023 and was first introduced to the public one month later. 

Vertaxi plans to deploy in the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta region around Hangzhou, both with a high-density population.

Vertaxi plans future expansion throughout China and other countries, according to the company.

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The new financing is intended to be used to promote eVTOL product research and development, testing, airworthiness certification and construction. It also is intended to be used for manufacturing centers in the Guangdong-Hong Kong-Macao Greater Bay area and the Yangtze River Delta region around Hangzhou Bay.

Related:Flying Taxi Company Debuts Electric Jet Vehicle in US

The pre-series B funding round was led by Zhongshan Venture Capital and included participation by Shanghai Jinshan District and Binfu Capital, AVIC Fund, Yijing Capital and Baoding Venture Capital.

Vertaxi estimated its flying taxi could transform a three-hour drive to a 30-minute flight.

For upcoming sales, Vertaxi said Longhao Aviation Industry Investment Co. intends to purchase flying vehicles worth a value of products with a total value of $28 million. The order could include 15 M1 eVTOLs, five hybrid models, and maintenance and support equipment and training services.

Those flying vehicles would be used for freight logistics in the central and western regions, the Guangdong-Hong Kong-Macao Greater Bay Area and coastal islands, according to the company.