Volant, a developer of electric vertical take-off and landing aircraft; and Hong Kong-based medical tech startup Aitrasound have raised new funding to speed up product development.
Commercial passenger eVTOL aircraft developer Volant raises $14.1m
Shanghai-based eVTOL aircraft developer Volant has secured almost 100 million yuan ($14.1 million) in a Series A+ funding round, less than two months after closing its Series A round.
Volant raised the Series A+ round to fund the trial flights of its pipeline products and the development of new models, with a focus on commercial passenger eVTOL aircraft that can accommodate up to five people, including the pilot.
Chinese tech-focused private market investment firm Hua Qiang Capital led the deal, with participation from its domestic counterpart Jadex Capital.
The new financing marks the fifth funding round raised by Volant since its inception in June 2021. In early March, the startup just closed 100 million yuan from two lead investors including a state capital investor in southwestern China; and CDH Investments, which made the transaction through its hard tech investment platform.
Its earlier backers include Shunwei Capital, Future Capital, Ventech China, and Welight Capital.
Medical tech startup Aitrasound closes Gobi GBA-led new funding round
Hong Kong-based 3D ultrasound imaging startup Aitrasound Medical Group has closed a pre-Series A round of financing at almost HK$60 million ($7.7 million) to fuel its global expansion, targeting an official entry into the US later this year.
Aitrasound raised the new financing through two tranches, including the first tranche of nearly HK$40 million ($5.2 million) completed in April 2023 and the second of $2.5 million closed in the first quarter of 2024, the startup announced in a statement.
It started the fundraising efforts in March 2023, with the AEF Greater Bay Area Fund, managed by venture capital (VC) firm Gobi Partners GBA, serving as the lead investor. The Hong Kong Polytechnic University; and Shanghai Fosun Pharmaceutical, a pharmaceutical group in China, were among the investors in its first tranche.
Aitrasound, founded in 2012, develops artificial intelligence (AI)-enabled 3D ultrasound imaging diagnosis solutions for chronic diseases. It has introduced Scolioscan, which integrates scoliosis assessment equipment, spinal image analysis software, and a data management cloud platform to enable the screening, diagnosis, and treatment of scoliosis.
The new funding will allow the startup to build Internet hospitals as well as a digital therapy platform servicing schools and families. It also looks to secure a Class II medical device certification from the US Food and Drug Administration (FDA) in Q3 2024 and officially enter the US market.
The startup said it has already set out to raise a Series A funding round, targeting an initial 50 million yuan ($7.1 million), to fund its new product development and establish its global headquarters in mainland China.