Chinese eVTOL developer TCab Tech reported this week that it has closed a Series A funding round with a $20 million contribution from an investor in the Middle East. According to TCab, the unnamed strategic investment fund intends to introduce electric air taxis in the region, and the fresh funding should accelerate the development and certification of its E20 eVTOL aircraft.
The Shanghai-based company aims to certify the piloted, four-passenger E20 with the Civil Aviation Administration of China (CAAC) in 2025, and it claims the E20 will be China’s first domestically produced tiltrotor eVTOL aircraft. It began flight testing a technology demonstrator in mid-2023 after the CAAC granted a special flight permit and aircraft registration certificate in June. The CAAC accepted TCab’s application for a type certificate in October, shortly after it issued rival aircraft developer EHang the world’s first type certificate for its EH216-S eVTOL aircraft, a multicopter vehicle that flies autonomously.
According to TCab, while China seems to offer the largest market for air taxi services, it sees strong demand for the E20 eVTOL in the Middle East, Southeast Asia, and other regions where China’s Belt and Road Initiative is boosting the development of new infrastructure. In addition to passenger transportation, TCab intends to offer the E20 for aerial sightseeing tours.
Unveiled in 2022, TCab’s aircraft features six rotors: two pairs of tiltrotors fitted to the ends of a main wing and a T-tail, plus two fixed lift rotors on a pair of beams extending forward from the wing. The forward-extending beams are designed to stow away during cruise flight to improve the aircraft’s aerodynamic efficiency. TCab says the E20 will have a range of around 200 kilometers (124 miles) on a single charge and a cruise speed of 260 kph (140 knots). Its maximum payload capacity is 450 kilograms (990 pounds).
The company claims to have received more than 200 provisional orders for the E20, including an agreement for 50 with Asian Express Aviation Group. Although TCab has not disclosed the exact price of its aircraft, Chinese media has reported that it will be 7 million yuan, or around $970,000.
TCab Tech launched in 2021 and secured around $10 million in seed funding. In early 2023, the company raised an additional $15 million through a pre-series A financing round. Its investors include venture capital group Grand Flight, Kunlun Capital, Korea Investment Partners Capital, BlueRun Ventures, and Decent Capital.