Chinese electric aircraft start-up TCab Tech has raised CNY100m ($15m) in funding for its air taxi prototype
The pre-Series A round was led by Grand Flight Investment, with Decent Capital, the family office of Tencent Holdings co-founder Jason Zeng, and BlueRun Ventures China participating
TCab plans to use the funds to develop and build its eVTOL (electric vertical takeoff and landing aircraft) to compete in the growing market
The small aircraft that carry a few passengers over short distances are attracting attention as a future form of mobility
The founder, Yon Wui Ng, a former head of engineering for Airbus China, aims to focus on commercializing manned eVTOLs to develop a comprehensive three-dimensional transportation system in China
The company plans a maiden flight for its prototype in 2023, with revenue expected in 2-3 years
The market for eVTOLs is expected to be worth $1 trillion by 2040, driven by the advancements in battery technology and the simpler mechanics and low costs of the aircraft
Chinese firms such as Xpeng Aeroht, Volant Aerotech, and TCab are trying to replicate the success China has had with EVs, leveraging their extensive supply chain, pool of skilled labor, and large domestic market
The sector is still in its early stages and will take years to boom, but is seen as an area for countries to compete in as a symbol of advanced transportation