[Dream Chaser Aerospace Technology] Secures Over 100 Million Yuan in Additional Financing, with Lightspeed Capital Serving as the Exclusive Financial Advisor

Recently, “Dream Chaser Aerospace Technology”, an investee of Light Source Partners, successfully completed two consecutive rounds of financing, namely the Pre - A++ round and the strategic round, totaling over 100 million yuan. The Pre - A++ round was led by Zhaoxi Capital, with follow - on investments from institutions such as Junshan Capital, Mogan Mountain Fund, and Haibang Fenghua, and continued participation from existing shareholder Xiaochi Capital. The strategic round was solely invested by Aviation Investment Fund. Light Source Capital served as the exclusive financial advisor. This is the second round of financing in the hundreds of millions for Dream Chaser Aerospace Technology within 2025. The funds from this round will be mainly used for the airworthiness certification and mass production of the first product, DF600, the development of the manned product, DF3000, and team expansion.

In the first half of 2025, following the policy principle of “cargo first, passengers later; isolation first, integration later; suburban areas first, urban areas later” put forward by the National Development and Reform Commission, China's low - altitude economy industry continued to thrive. Relying on the “hybrid + tilt - rotor” unified technology platform, Dream Chaser Aerospace Technology has made steady progress in the development of its two main aircraft models: the DF600 is about to enter the airworthiness certification process and is planned to enter the mass - production stage by the end of the year; the full - scale functional prototype of the DF3000 is about to roll off the production line. In the future, Dream Chaser Aerospace Technology will continue to uphold the style of pragmatism and efficiency and work hand in hand with industry peers and partners to promote the arrival of the electric aviation era.

Zhaoxi Capital stated: “Dream Chaser Aerospace is an example of Zhaoxi's commitment to 'investing in the new and the changing' in the technology sector and its strategic layout of innovative scenarios in the energy sector. We believe that eVTOL will not only become the core vehicle for future urban air transportation but also play a greater role in the vast aviation industry. It is estimated that by 2030, the global market demand for eVTOL aircraft will exceed 100 billion yuan, with over 20 billion yuan in the Chinese mainland. Dream Chaser is dedicated to the R & D and manufacturing of hybrid tilt - rotor eVTOL aircraft. The full - scale products of the 600kg series rolled off the production line in 2024 and have completed several important tests such as tilt - rotor tests. This technology endows drones with excellent characteristics such as no runway requirement, high speed, long endurance, and high safety, making up for many shortcomings of existing aircraft. It is a configuration supplement to traditional fixed - wing aircraft and helicopters and can cover a wide range of scenarios for both cargo and passenger transportation. We look forward to the company growing into a leader in the intelligent electric aviation industry.”

Wang Meng, a partner at Junshan Capital, said: “We have been closely following the development of the low - altitude economy industry for a long time. Dream Chaser Aerospace, founded by Tsinghua University alumni, is one of the few domestic teams with both engineering practice experience and reliable successful flight test records in the 'hybrid + tilt - rotor' technology route. Dream Chaser Aerospace has a very clear product R & D rhythm and commercialization path. In terms of productization, the DF600 is about to enter the airworthiness certification process and the mass - production stage, and the full - scale prototype of the DF3000 is about to roll off the production line, demonstrating leading competitiveness in the industry. In the market, the DF600 and DF3000 are advancing in parallel, focusing on both special application scenarios that can be quickly implemented and the general market with broad future prospects. Junshan Capital has long been concerned about entrepreneurial teams with system engineering capabilities and industrial scalability. The Dream Chaser Aerospace team perfectly combines scientific research genes with implementation capabilities and is worthy of continuous empowerment and long - term support.”

Aviation Investment Fund stated: “Aviation Investment Private Equity Fund Management Co., Ltd. (referred to as 'Aviation Investment Fund') is an equity investment fund management institution with diversified entities established by the Civil Aviation Administration of China in accordance with the requirements of the 'Several Opinions of the State Council on Promoting the Development of Civil Aviation Industry' (Guo Fa [2012] No. 24). The Aviation Investment Fund has long served the national strategy of building an aviation - strong country and has been deeply involved in the upgrading of the civil aviation industry chain and the development layout of the low - altitude economy. The 'hybrid + tilt - rotor' is an eVTOL technology path that combines long - range and low - carbon attributes, and it is also one of the technology paths favored by the Aviation Investment Fund. Based on this, the fund made a strategic investment in Dream Chaser Aerospace. As a pioneer and leader in this field, Dream Chaser Aerospace has established high barriers in key aspects such as advanced configuration design, efficient hybrid integration, engineering implementation, and commercialization closed - loop, and its self - generating ability has emerged. The Aviation Investment Fund will accompany and empower the company in the long term, and we look forward to jointly transforming the technological leadership advantage into industrial transformation momentum and promoting the common development of the low - altitude economy ecosystem with Dream Chaser Aerospace.”

Zhang Zhenyi, the investment director of Mogan Mountain Fund, said: “Since its establishment, the Dream Chaser Aerospace team has been deeply involved in the hybrid tilt - rotor route and is one of the earliest and fastest - developing domestic leading companies in the R & D of hybrid tilt - rotor eVTOL. The team members have rich experience in aviation engineering and mass - production development. Through the two general - purpose platform models, the DF - 600 'Jinghong' and the DF - 3000 'Youlong', the company is expected to break into the cargo market first and then enter the trillion - level civilian air commuting market. We are highly optimistic about Dream Chaser Aerospace accelerating its growth into a leading enterprise in the low - altitude economy market. The low - altitude economy has been included in the government work report and has been elevated to a national key strategic layout industry. Deqing has developed a number of core enterprises in the low - altitude economy industry chain around the Mogan Mountain General Aviation Airport. As the manager of the Deqing Talent Fund, Mogan Mountain Fund always adheres to the concept of investing in early - stage, small - scale, and hard - technology projects. In the future, we will continue to provide multi - dimensional support such as industrial resources, capital, talent connection, and policy implementation to our invested enterprises, and strive to promote high - quality projects to take root in Deqing, help cultivate new productive forces, and drive the industrial leapfrog upgrade.”

Haibang Fenghua stated: “We are optimistic about the future development of the new - generation aerospace vehicle eVTOL based on electrification and intelligence. The Dream Chaser team has differentiated competitive capabilities and advantages in this field. The DF - 600, as a product for short - term commercialization, is in the airworthiness certification process and is about to enter mass production, demonstrating the team's precise control of the R & D - product - mass production rhythm and its first - mover advantage. At the same time, the R & D progress of the manned aircraft is also at the forefront of the industry. We will continue to be optimistic about and follow the development of Dream Chaser.”
 

Xue Ling, a partner at Light Source Capital, said: “Light Source Capital is firmly optimistic about the low - altitude economy sector. The low - altitude economy is a trillion - level market that carries the dream of a medium - and short - distance air transportation network for humanity. In the eVTOL field, the 'hybrid + tilt - rotor' technology route is becoming an excellent solution to balance range, speed, and cost: the hybrid system breaks through the range bottleneck of pure - electric aircraft, and the tilt - rotor enables seamless switching between vertical take - off and landing and efficient cruising. Global leaders such as Joby have accelerated the large - scale application of this technology, confirming its commercial feasibility. Relying on its self - developed 'hybrid + tilt - rotor' unified technology platform, the Dream Chaser team, with its profound technological accumulation and forward - looking vision, has developed two main aircraft models: one for breaking through the medium - and short - distance cargo transportation market and the other for focusing on efficient urban air travel. The two models are advancing in parallel to promote airworthiness certification, and the single - point technological breakthrough is extended to a multi - scenario integrated ecosystem such as logistics and emergency response. Light Source Capital deeply agrees with the strategic goal of the Dream Chaser team to define a new standard for China's hybrid electric aviation. We are honored to serve as the exclusive financial advisor for this round and will continue to provide full - life - cycle capital support to help the company consolidate its core position in the low - altitude economy industry chain and become a Chinese benchmark for the global sky revolution.”