Beijing (Gasgoo)- On March 27, urban air mobility (UAM) tech company Shanghai TCab Technology ("TCab Tech") announced the completion of its B+ round strategic financing, which was jointly invested by Grand NeoBay Venture Capital and ChiFortune Venture Capital.
This marks the first direct investment in an eVTOL (electric vertical takeoff and landing) aircraft manufacturer by Shanghai's state-owned capital since the city introduced its Shanghai Low-Altitude Economy High-Quality Development Action Plan (2024-2027) last year. The investment underscores Shanghai's strong support for the eVTOL industry and its recognition of TCab Tech's technological capabilities and growth potential.
Moving forward, Shanghai's state-owned capital aims to accelerate the development of local eVTOL enterprises, fostering their leadership in the low-altitude economy and promoting commercial applications such as urban air tourism and intercity transportation across the Yangtze River Delta region.
The commercialization of the eVTOL sector heavily relies on local government support, including infrastructure development, airspace management, and the future operation of "air taxis," all of which require deep collaboration between local capital and manufacturers. Since launching its low-altitude economy initiative, Shanghai has taken multiple steps to strengthen the industry, supporting key enterprises while advancing the supply chain for motors, electronic control systems, flight control systems, and composite materials, paving the way for large-scale application.
Since its founding, TCab Tech has focused on developing high-value commercial eVTOL solutions with its tiltrotor passenger eVTOL model, the E20. Designed for safety, operational efficiency, and cost-effectiveness, the E20 is set to be widely deployed in air tourism and intercity travel. While based in China, TCab Tech also plans to expand its advanced manufacturing and industry standards to markets in the Middle East and Southeast Asia.
