United Aircraft Group, which is involved in the R&D and production of unmanned aerial vehicles (UAV), has bagged 2 billion yuan ($290.8 million) in a Series D round, it announced on Monday.
The round was led by Chengdu Heavy Industry Longjin, a 40-billion-yuan ($5.8 billion) state-affiliated Fund of Funds (FoF) that invests in businesses in the advanced manufacturing industry in the city of Chengdu. The FoF was one of the backers of electric vehicle battery maker CALB, which raised HK$10.1 billion ($1.3 billion) in its initial public offering (IPO) in Hong Kong in October 2022 — the third largest IPO for the city’s bourse.
