SkyX Systems Corp., a Markham, Ontario based developer of self-charging drones for use in the monitoring of long-range assets like oil and gas pipelines, has raised US $4 million of a planned US $5 million investment from Kuang-Chi Group, a Shenzhen China based high-tech company that is dedicated to disruptive innovation.
Kuang-Chi Group recently launched its second Global Community of Innovation (GCI) fund, which will invest up to US $250 million in companies developing technology in industries including robotics, IoT, telecommunications, and digital health.
Kuang-Chi has been investing funds in SkyX in a series of tranches at key milestones. Kuang-Chi transferred its latest investment tranche earlier this week after SkyX reached yet another development milestone.
SkyX drones have been developed to inspect pipelines for damage and also provide clients with mapping and security surveillance. SkyX is looking to help the oil and gas industry limit its reliance on road vehicles and manned aircraft to improve efficiency and lower costs. The SkyOne model offers Vertical Take-Off and Landing (VTOL) capabilities, while providing an invaluable remote recharging feature into the field.
“Kuang-Chi is a fantastic example of a visionary disruptive technology investor that is prepared to provide value-added support to start-ups operating in key industrial sectors, like oil and gas. SkyX and Kuang-Chi are a perfect fit, sharing a sense of adventure and passion for innovation. We are excited to have Kuang-Chi on board both as a financial and also crucially as a strategic partner helping us grow our markets and develop our products,” said Didi Horn, founder of SkyX.
“SkyX has developed ground-breaking technology and we had no hesitation in providing our full backing to this exciting project. SkyX is exactly the type of company in which we at Kuang-Chi look to invest – innovative, disruptive, visionary and commercially attractive. This is a project with which we are passionate to be involved and we are excited to be part of the SkyX journey, ” said Dr. Ruopeng Liu, Chairman of Kuang-Chi.
“SkyX is looking to disrupt the pipeline monitoring market by developing drones that have the capability to travel further, for longer, at lower cost and with more accurate data than anything on the market. Kuang-Chi is the optimal investor for SkyX and I am looking forward to seeing this mutually beneficial partnership strengthen and deepen,” added Doron Zauer, board member at SkyX.
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photo credit: SkyX