Shanghai-based venture capital firm Gobi Partners has led a $7 million (RMB50 million) funding round in agriculture drone sharing platform Nongtian Guanjia.
Existing investors GGV Capital, Shunwei Capital, the Zhen Fund and Yunqi Partners also participated in the round, according to a report from China Money Network that was uploaded on Gobi’s website on Thursday.
The amount will be used by the Beijing-based company to enhance its research team and expand to other cities along with agricultural financing activities.
The company currently is involved in connecting agricultural drone operators with farmers that need the drone’s service, a form of sharing economy that is the latest business buzzword globally.
Last year, Nongtian Guanjia – that means farm friend – raised $1 million in an angel round from Chinese Venture Capital firm Shunwei Capital and later $3 million in a round from GGV, seed stage focused venture fund Zhen Fund and existing investor Shunwei.
The firm has over 1,000 drone operation teams registered on its platform currently and over 5,000 agricultural drones. It operates in many Chinese agricultural regions that include Heilongjiang, Hubei, Hunan, Shandong and Jiangsu, and nearly 1,000 villages.
Nongtian Guanjia’s currently has over 1,000 drone operation teams registered on its platform, with over 5,000 agricultural drones available. The company operates in more than 10 provinces, including the major agricultural regions of Heilongjiang, Hubei, Hunan, Shandong and Jiangsu.