Beijing-based drone maker Ehang Technology Co., Ltd. has completed US$42 million series B round of financing led by GP Capital, according to a company announcement.
GGV Capital, Zhen Fund, Lebox Capital, OFC and PreAngel also participated.
The round values the Chinese drone start-up at a price tag 100 times higher than 16 months ago when the company was first established, says the statement.
At the same time, Ehang appointed Shang-Wen Hsiao, the former president and CFO of 21Vianet, as chief financial officer.
The company, founded by developers from China, America and Singapore in 2014, says it will use the proceeds on research and development, marketing and team expansion.
In January, Ehang received US$10 million series A funding led by GGV Capital.