Gasgoo News — April 23. FAW Qiyi (Shenzhen) Technology Co., Ltd. (Qiyi Tech) has officially completed its angel round capital increase procedures. Conducted through the Shenzhen United Equity Exchange, the round raised 400 million yuan from a consortium including Fawer Automotive Parts, Faway Automotive, the Shenzhen Dapeng Guiding Fund, and the Shenzhen SIHC Foundation.
This marks Qiyi Tech’s first market-based financing since its inception—and stands as one of the largest early-stage funding rounds in China’s eVTOL sector.
The full 400 million yuan will be channeled into developing the Hongqi Tianjian flying car series, advancing airworthiness certifications, iterating core technologies, and covering daily operations. The capital ensures ample funding for mass-producing the Hongqi “Tianjian No. 1” prototype, developing next-generation products, and commercializing low-altitude mobility scenarios.
Established in July 2025, Qiyi Tech counts FAW Equity Investment (Tianjin), Jilin Qizhi Automotive Chain Venture Capital Fund, and Yuyi (Hengqin) Investment among its shareholders. The firm specializes in the R&D, testing, manufacturing, and operation of eVTOL (electric vertical takeoff and landing) aircraft. In December 2025, Qiyi Tech’s self-developed prototype, the Hongqi “Tianjian No. 1,” completed its maiden flight in protected mode. Taking just five months from technical validation to first flight, the company set a new benchmark for speed in China’s eVTOL industry—a testament to the combined strength of “FAW speed and Qiyi efficiency.”
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