(Yicai Global) Aug. 19 -- Cross Stars, a business set up by Chinese reality star Shi Zheyuan that uses drones to create aerial adverts, has raised nearly CNY100 million (USD15.4 million) in its Series B round of financing.

The latest fundraiser was led by state-owned Shanghai United Media Group's affiliate Real Power Investment Fund Management, the Guangzhou-based company said in a statement yesterday. Moreover, Borchid Capital and THDF Investment Management joined the round.

Cross Stars was established in 2017 by Shi who is the winner of the 6th season of China’s Got Talent. The startup has lured many TV show and movie stars to become partners. The company has the right to organize drone shows around major landmarks in more than 20 municipalities, including Shanghai, Guangzhou, Shenzhen, and Hong Kong.

The firm will use the proceeds of its Series B round to boost the research and development of new drone models, as well as to explore new markets.

Real Power Investment is optimistic about using unmanned aerial vehicles and other new tools in the sectors of culture and media, said Liu Yitao, managing director. The fund strives to help Cross Stars to consolidate its position in the industry and to explore new application scenarios involving culture and tourism.

Editor: Emmi Laine