eVTOL developer TCab Tech secures $20 million Series A financing

Beijing (Gasgoo)- TCab Tech, a Shanghai-based tech company specializing in electric Vertical Takeoff and Landing (eVTOL) aircraft, announced the completion of a $20 million Series A strategic financing round on March 26, 2024. 

A renowned overseas investment firm made exclusive strategic investments in TCab Tech, aiming to establish "air taxi" application scenarios in the Middle East region.

As an early developer of manned tiltrotor eVTOL technology in China, TCab Tech has overcome numerous engineering challenges and steadily progressed through validation work for scaled-down models, framework models, and prototypes. The funds from this financing round will be utilized to accelerate product development and airworthiness certification processes.

In October 2023, TCab Tech's independently developed E20 eVTOL successfully completed its first flight test, marking a comprehensive integration of design, development, manufacturing, and flight operations. From assembly to the first flight, TCab's team only took four months. 

On October 27, 2023, the Civil Aviation Administration of China (CAAC) East China Regional Administration officially accepted TCab Tech's E20 eVTOL type certification application. With the acceptance of the type, TCab Tech will continue discussions with regulatory authorities on complementary verification methods. Currently, the E20 eVTOL has entered the tilt testing phase.

While securing orders for hundreds of units of the eVTOL from domestic operators, TCab Tech has established deep connections in regions along the Belt and Road Initiative such as the Middle East and Southeast Asia, steadily expanding its overseas market presence.