(Yicai Global) Feb. 9 -- TCab Tech, a Chinese startup developing electric vertical take-off and landing aircraft, has raised CNY100 million (USD15 million).

The Pre-A fundraiser was led by investment fund Grand Flight Investment Management, Shanghai-based TCab announced yesterday. Kunlun Capital, Korea Investment Partners, and existing shareholders Blue Run Ventures and Decent Capital also joined in the round.

The funds raised will be applied in research and development as well as testing of the company’s prototype E20 eVTOL aircraft, TCab said in a statement. 

Founded in 2021, TCab Tech aims to produce eVTOL aircraft for low-altitude travel, according to founder and Chief Executive Yon Wui Ng. The firm plans to offer “zero emission aerial ridesharing,” with its aircraft potentially being used as air taxis, and possibly for emergency logistics and even medical rescue. 

TCab hail from the Geely-backed flying-car developer Terrafugia. As of last month, TCab had already finished some tests and the design of the E20 prototype, and manufacturing has begun.

Editor: Tom Litting