EWATT Technology Raises $20 Million in Series B Funding
Largest raise for any Chinese UAV company this year
Wuhan, China, September 13, 2017 (Newswire.com) - EWATT Technology, which specializes in developing industrial-grade Unmanned Aerial Vehicles (UAVs) and implementing complete UAV solutions for industrial and security purposes, recently announced its Series B Round of $20 Million (129,657,700.00 CNY,) the largest financing in the Chinese UAV industry in 2017.
EWATT Technology was founded in 2010 by Guocheng Zhao and four partners. Previously Zhao was in the power utility industry for more than a decade. He worked closely with people in an array of positions in the space, experiencing the dangers of traversing power line towers foot by foot in rain, sunshine, and snow. These experiences combined with his passion for aviation sparked his interest in introducing the new unmanned aviation technology to save technicians from dangerous conditions. Today, with more than 300 employees, EWATT’s technology has been utilized in not only the power utility space, but also in surveying and mapping, surveillance, cargo transportation, and beyond.
Today, EWATT Aerospace has numerous products. Of note, are the EWZ-S8, the EWZ-Z110, and the EWZ-D6.
"EWATT has grown from a single UAV product all the way to seven series, resulting in more than ten products currently available. EWATT is not limited to UAV manufacturing, it is upgrading to be a more comprehensive entity of strong innovation and technology enterprises with things like industry application, flight services, intelligent storage management, and beyond.
· The EWZ-S8 has been critically acclaimed for years as truly unique products and is mostly used for powerline inspection, firefighting and rescue. Full Specs
· The EWZ-Z110 is a gas powered, variable pitch quadcopter designed to meet the most rigorous industry standards. Full Specs
· The EWZ-D6 is EWATT’s number one seller made of the strongest materials on the market and has one of the longest endurance in the electric UAV industry. Full Specs
The lead investor of this round was Chaoyong Wang, who has an extensive Wall Street background and track record of success founding the China Equity Group, one of the earliest and largest PE/VC firms in China.
"EWATT has grown from a single UAV product all the way to seven series, resulting in more than ten products currently available.” stated Chaoyong Wang, “EWATT is not limited to UAV manufacturing, it is upgrading to be a more comprehensive entity of strong innovation and technology enterprises with things like industry application, flight services, intelligent storage management, and beyond."
“Much of the funds from this latest round of financing will be used for the construction of a new UAV production base to expand the domestic market share,” stated Guocheng Zhao, President of EWATT Technology. “The remaining funds will be invested in new product development, big data managing platform development, and the expansion of our flight services business to further promote product development and commercial market expansion for us in the civilian market.”
ABOUT EWATT TECHNOLOGY
EWATT Technology specializes in developing industrial-grade UAVs and implementing complete UAV solutions for industrial and security purposes. EWATT’s primary business activities include the research, design, and development, and production of unmanned aircraft and payloads. The company also provides a range of UAV services, including implementing complete UAV solutions. EWATT offers a full range of UAV aircraft including multi-rotors, fixed wings and helicopters, and offers a broad range of UAV payloads. Learn More About EWATT Technology
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Source: Ewatt Technology Co., Ltd