Innno Technology, a Chinese aviation technology company providing industrial unmanned aerial vehicle (UAV) intelligent system solutions, announced on Thursday that it has raised tens of millions of yuan in a series A+ round of financing led by the country’s investment firms Blueflame Capital and Zhexin Capital.
Chinese private equity firm Kylin Fund and Shenzhen-based Benefit Capital also participated in this round.
Innno Technology, formally known as Xi’an Innno Aviation Technology Co Ltd, was founded in 2015 in northwestern China’s Xi’an city. With a focus on the research and development of intelligent aircraft, the company primarily provides advanced UAV application solutions for public security, environmental protection, water conservancy, electric power, petroleum, and petrochemical, among other fields.
Innno Technology’s products include space and ground-based robots, a multi-scene artificial intelligence (AI) algorithm service platform, and other core electronic and mechanical equipment.
Proceeds of this round will be used for market expansion, product research and development, and pipeline iteration.
The Xi’an-based company raised RMB25 million (US$3.61 million) in a series A round led by Guozhong Venture Capital in 2017, with participation from Chinese venture capital companies Huaxing Ventures and Zhonghai Capital.