Beijing-based industrial drone maker iKingtec has closed its RMB 180 million (USD 25.3 million) Series B round led by Suzhou Industrial Park MingYuan Venture Capital Fund, 36Kr reported on Monday.
Small and Medium-sized Enterprises Development Fund (Shenzhen Nanshan Limited Partnership), which has China’s Ministry of Finance among its investors, participated in this round, while earlier investors Hongtai Aplus and Bluerun Ventures both joined.
New funds will be used to mass produce products and expand their applications.
iKingtec, which was founded in March 2017, booked RMB 100 million (USD 14 million) in revenue in 2019 by providing services to power grid operators, oil field operators, and fire fighting departments, among other corporate and governmental clients.
The company is a late comer in the industrial drone sector as MMC has already become the largest drone supplier for State Grid Corporation of China, the country’s major grid operator, and Sinopec Group, China’s largest oil and gas company. MMC is also the main drone supplier for the Chinese departments of public security and fire fighting.
36Kr is KrASIA’s parent company
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.