Shanghai-based Volant Aerotech, which develops electric vertical take-off and landing (eVTOL) vehicles, has added nearly 1 billion yuan ($148 million) in a C+ funding round, hot on the heels of a record-breaking $300 million Series C just one month ago. The back-to-back raises push the company’s total funding past 5 billion yuan across 13 rounds since its founding in 2021 — making it China’s most heavily financed passenger-grade eVTOL player by both number of rounds and cumulative capital.
The latest injection was led by state-backed China Life Sci-Tech Fund, with participation from Shanghai Minhang Jintou, Nio Capital, CCT Stone, and existing investor China Internet Investment Fund (CIIF). Volant’s Series C brought in Legend Capital, HSG (formerly Sequoia China), SAIC-backed Futeng Capital, and Dubai’s Stone Venture.
For founder and CEO Dong Ming, a 20-year aviation veteran who worked on the C919 and at GE, the investor mix is deliberate. The C round prioritized global positioning and state ties, while C+ adds long-term insurance capital, industrial players, and private equity. “Aviation is a long-cycle industry,” Dong says. “We need a diversified shareholder base that brings commercialization know-how, not just valuation bumps.”
Orders, certifications, and a Hong Kong IPO in sight
Volant’s flagship VE25-100 seats up to six, carries 500 kg, and has a 200 km to 400 km range using eight electric motors. The company claims over 1,900 confirmed orders and letters of intent — mostly from China Southern Airlines, Asian Express, and ABC Finance Leasing — valued at more than 47.5 billion yuan, though firm commitments likely make up a fraction of that. Still, Volant has collected nearly 100 million yuan in deposits.
The path to revenue hinges on type certification. Volant’s TC application for the VE25-100 was accepted by the CAAC’s East China Regional Administration in September 2023 — the first high-grade commercial passenger eVTOL project accepted by that office. In October 2025, the company completed China’s first manned eVTOL test flight, narrowing the gap with global leaders to just eight months after five years of development.
Dong expects TC approval by 2027, followed by scaled commercial delivery. But the window is narrow. “The next three years are decisive,” he says. “Globally, no more than five players will survive as substantive players — and in China, no more than three.” He argues competition has already shifted from pure tech validation to certification, mass production, and real-world operations.
That urgency helps explain why Volant is reportedly eyeing a Hong Kong IPO. Sources cited by Chinese media suggest a listing could value the company at more than $1 billion. A Hong Kong debut would offer global investor access — unlike China’s A-share markets — while avoiding the geopolitical volatility that has battered Nasdaq-listed rival EHang, whose market cap has swung wildly from a $3.8 billion peak in 2021 to $770 million today.
Government ties and crowded skies
Volant’s strong government-linked investors are no small advantage. In China’s low-altitude economy, where annual growth of 30% to 50% is forecast through 2030, regulatory approval and local partnerships often separate winners from also-rans.
That said, Volant enters a packed field. Domestically, it faces XPeng AeroHT, Aerofugia (backed by Geely), and the more established EHang. Globally, Joby and Beta are already generating revenue. What sets Volant apart, Dong argues, is its disciplined, forward-design approach. From a 1:7-scale tiny prototype flown three months after launch to the full X1 technical verification vehicle in under 19 months, Volant has maintained certification-compliant engineering throughout — even when funding was tight.
With a big chunk of money in the bank from its latest fundraising, Volant is accelerating toward that three-year finish line. Whether it can convert early buzz into certified, revenue-generating flights before the window closes will determine if it really becomes “the most valuable enterprise in the second century of human aviation” — the bold promise written on its own website.
Original sources:
Volant fuels up for Hong Kong IPO with $450 million in new funds
ChinaVenture
