Former Comac Team Switches to eVTOL, Partners with Didi Chuxing, Secures Hundreds of Millions in Series A Financing | Exclusive Report from Hardcore Kr
Author | Lin Qingqing
Editor | Yuan Silai
Hard Kr has learned that "Eveit Aviation", a developer and manufacturer of electric vertical takeoff and landing vehicles (eVTOL), recently completed a Series A financing of hundreds of millions of RMB. The financing was led by Jinpu Investment, followed by Seiko Technology, Inovance Electric, Shengjing Jiacheng, Ralph Venture Capital, etc. The existing shareholder Bangsheng Capital also increased its investment, and Shenlan Capital served as the exclusive financial advisor. This round of financing will be mainly used for the R & D and airworthiness certification of its main models, the construction of mass - production capacity for the aviation electric propulsion system (EPS), and the commercial verification of application scenarios.
"Eveit Aviation" was established in 2022. Its core team comes from the Commercial Aircraft Corporation of China. They have participated in the R & D of domestic large - aircraft models such as the Yun - 8 series, ARJ21, and C919. The founder, Ren Wenguang, has nearly 20 years of experience in aircraft design and verification. The company is committed to accelerating the development of urban air mobility (UAM) and providing innovative solutions for future air travel.
According to the prediction of Guojin Securities, the cumulative demand for domestic electric vertical takeoff and landing vehicles (eVTOL) is expected to reach 16,316 by 2030, covering four types of services, including short - haul regular passenger flights, corporate and private chartered flights, aerial sightseeing flights, and medical transfers. However, practical problems such as the long airworthiness cycle and the low maturity of the supply chain still restrict the commercialization process. Currently, global leading companies such as Joby and Archer focus on passenger transportation, while domestic manufacturers such as EHang and Fengfei Aviation mainly target scenic area sightseeing and cargo transportation scenarios. Core components such as the power system still rely on imports, and the procurement cost of a single motor can be as high as hundreds of thousands or even millions of yuan.
The current core product of "Eveit Aviation" is the ET9 series of electric vertical takeoff and landing vehicles (eVTOL). The ET9 is a five - seat (four - passenger) manned aircraft with a maximum takeoff weight of 2.2 tons, a maximum range of up to 240 kilometers, and a maximum speed of 240 kilometers per hour. This model adopts a four - axis, eight - propeller compound wing configuration, which is simple and beautiful. The airframe structure uses a modular design, and the utilization rate of carbon fiber composite materials reaches over 85%. The overall structure of the aircraft is simple and lightweight. In addition, the company has also planned models such as the ET3 with a hydrogen - lithium hybrid energy system, which aims at the long - distance inspection and survey needs. Its range of up to 800 kilometers will greatly expand the operation scope and application potential.
Cockpit driver's seat, provided by the enterprise
"Eveit Aviation" chose to enter the market through the compound wing configuration. This technical route combines the flexibility of vertical takeoff and landing with the long - range advantage of fixed - wing aircraft, covering scenarios such as logistics transportation and urban connection. Its self - developed aviation electric propulsion system (EPS) has achieved full - chain localization of motors, electronic controls, and propellers. The key performance indicators have passed the tests, and the mass - production cost has been significantly reduced compared with the imported solutions.
Zhao Jiwei, the co - founder of "Eveit Aviation", introduced that it only took 17 months from the R & D to the first flight of the ET9 platform prototype, which is shorter than the industry average of 24 - 36 months. Moreover, the prototype used a self - developed power system for its first flight. After the first flight, it has completed more than 400 test flights in total. The flight data is used for system verification, flight control algorithm optimization, and structural lightweight improvement. The manned version of the model is designed to have a range of 200 kilometers and is planned to complete airworthiness certification in 2027. The cargo version can carry a load of 500 kilograms and is planned to start a pilot project of offshore ship material supply with a shipping service company in 2026. The single - flight transportation cost is 60% - 70% lower than the existing aviation solutions.
Currently, the first challenge in the industry is the self - control of the core power system. The localization rate of components such as eVTOL motors and electronic controls in China is still insufficient. The dependence on imports leads to unstable delivery cycles. "Eveit Aviation" has compressed the cost proportion of the power module to 32% through the self - development of the EPS system and the customization of high - rate batteries. For the application scenarios of the electric propulsion system of 1 - 3 - ton eVTOL aircraft, it has developed a series of 50 - 100kW high - reliability, fully - enclosed air - cooled, high - torque - density, and high - efficiency motors. The L50 series of motors for 2 - ton eVTOL aircraft adopts an inner - rotor and hybrid forced air - cooling form, with a protection level of IP67. The peak single - propeller pulling force exceeds 650 kg, the torque density exceeds 33 N·m/kg, and the power density exceeds 5.0kW/kg. The ET9 aircraft uses an eight - motor vertical takeoff and landing power layout with a multi - redundancy design. The ratio of the peak instantaneous pulling force to the hovering pulling force exceeds 1.8, providing higher fault tolerance and safety.
Motor schematic diagram, provided by the enterprise
Another challenge lies in airworthiness certification. The TC application for the company's main models has been accepted. It is expected to complete the airworthiness certification for cargo transportation in 2026 and for passenger transportation in 2027. The company has jointly built a simulation test platform with Nanjing University of Aeronautics and Astronautics and introduced a team of Designated Engineering Representatives (DER) from the Civil Aviation Administration. The system verification cycle has been shortened by 40% compared with the industry average. The reform of airspace management is also advancing simultaneously. The test of 10 takeoffs and landings in a single day at a general aviation airport has verified the stability of the high - frequency scheduling system. Zhang Zhi, the co - founder, believes that the team's systematic engineering experience accumulated in the civil aviation system gives them an inherent advantage in airworthiness compliance design. The safety standard for the manned model is set at 10⁻⁸, which is lower than that of civil airliners (10⁻⁹) but far exceeds the safety threshold of drones. There are still multiple challenges to be addressed to achieve this.
Recently, the National Development and Reform Commission, together with relevant departments, announced that in accordance with the principle of "cargo first, then passengers; isolation first, then integration; suburban areas first, then urban areas", and on the premise of strictly controlling risks and ensuring safety, the application scenarios of the low - altitude economy will be expanded in an orderly manner by category. Eveit has adopted a strategy of "front - loaded orders and scenario demonstration" at the commercial level, targeting scenarios with high policy support, rigid demand, and controllable risks. "Eveit Aviation" has established an operation center and carried out strategic cooperation with Didi Chuxing and Jianye to explore low - altitude operations. The company has signed more than 300 letter - of - intent orders, covering inspection aircraft, cargo drones, manned eVTOL, and "Air 120" emergency rescue services. Its cargo models have explored logistics solutions for mountainous areas and island chains with logistics companies. In the manned area, it has signed orders for 30 "Air 120" emergency rescue services, and the potential cooperation partners include tertiary - grade A hospitals in the Yangtze River Delta region. It has reached a cooperation intention for 50 aircraft with the operator of a 5A - level scenic area for the scenic area connection scenario, and the first cross - mountain sightseeing route is planned to be opened in 2026. The company plans to open the supply of the EPS power system to third - party aircraft manufacturers in 2026 and has reached procurement intentions with two domestic enterprises.
Application scenarios, provided by the enterprise
In terms of the team, Ren Wenguang, the founder of "Eveit Aviation", once served as a senior system engineer for the C919 at the Commercial Aircraft Corporation of China. The core members include 4 senior researchers and many backbone members of the Yun - 8 series modification projects, with an average working experience of more than 15 years. The founder team has strong overall integration capabilities and model airworthiness experience. They adopt the concept of Model - Based Systems Engineering (MBSE) and use the RFLP systematic engineering forward - design process as the methodology to build an integrated aircraft development system.
Views of the investors:
Jinpu Investment said: The low - altitude economy is an important part of China's strategic emerging industries, with broad growth space and explosive potential in the future. The Eveit team has a solid R & D foundation, having deeply participated in the R & D and manufacturing of medium - and large - sized aircraft such as the Yun - 8 series, ARJ21, and C919, as well as multiple drones, accumulating rich experience. Eveit is one of the few domestic teams with the forward - design R & D capabilities for eVTOL motors and EPS power systems, with significant advantages in the core power system field. The low - altitude economy is a long - distance race, and the team needs to continuously accelerate product R & D and focus on effective scenario demonstration operations.
Seiko Technology said: As a provider of high - end equipment for the entire carbon - fiber chain and advanced composite material integrated solutions, Seiko Technology is continuously optimistic about the development of the low - altitude industry. By investing in Eveit Aviation, it will continue to support the R & D and manufacturing of its carbon - fiber airframe and help it expand production capacity and reduce the single - aircraft manufacturing cost through intelligent manufacturing equipment.
Inovance said: As a typical representative of new - quality productivity, Inovance is optimistic about the future prospects of low - altitude cargo transportation and manned eVTOL. It is deeply impressed by Eveit's product R & D efficiency and depth. As a new - energy power system R & D and production enterprise, Inovance will jointly develop high - performance integrated motor - electronic control products with Eveit, significantly reducing the single - aircraft manufacturing cost.
Zhang Zhiyuan, a partner of Shenlan Capital, said: Eveit is one of the few domestic eVTOL enterprises that has a general - designer team from the core departments of large - aircraft projects, an independent and controllable supply chain, forward - design R & D capabilities, sufficient airworthiness certification experience, and the support of the AVIC national team. It is also a leading domestic composite - wing eVTOL aircraft manufacturer. Eveit has also achieved remarkable results in company operations, becoming the fastest, most cost - effective, and most efficient team from company establishment to successful first flight. Shenlan Capital firmly believes in and will accompany the company's long - term development, helping it in the capital market.