(Yicai) April 28 -- Volant Aerotech has raised USD300 million in its latest funding round, a record haul for a Chinese flying taxi developer, as the startup looks to bankroll mass production of its first commercial aircraft.

The Series C financing round was led by Emirati investment firm Stone Venture, Shanghai-based Volant announced yesterday. HongShan Capital Group, Fortera Capital, and existing shareholders Future Capital and Legend Capital also took part.

The new funds will go to hasten the airworthiness certification and mass production of Volant's first commercial electric vertical take-off and landing aircraft, the company said, adding that it will also support the firm’s work on key technologies and next-generation aircraft platforms.

Volant has now raised more than CNY4 billion (USD586.2 million) from 12 financing rounds, putting it among the most heavily financed businesses in China’s low-altitude economy, according to calculations done by media outlet Shanghai Observer.

Stone Venture’s investment is strategically important to Volant’s overseas expansion, it said, while Fortera Capital, a state-owned investment fund under the Shanghai government, gives the firm access to local policy guidance, industrial ecosystem support, and other resources.

Volant was founded in 2021. Its first aircraft, the VE25-100, can carry six people at a top speed of 235 kilometers per hour and with a cruising range of between 200 and 400 km, according to the company's website. The VE25-100 has completed several trial flights and is expected to obtain airworthiness certification next year.

Volant has secured more than 1,900 preorders for the VE25-100 worth more than CNY47.5 billion (USD7 billion). Over 500 are overseas orders from clients such as Thai property developer Pan Pacific, Emirati aviation giant International Corporate Group, and German aviation services provider DC Aviation.

Editor: Futura Costaglione