Image: eVTOL DF600 "Jinghong"

AsianFin -- DreamFly, a leading innovator in hybrid tiltrotor electric vertical takeoff and landing (eVTOL) aircraft, has raised tens of millions of dollars in its Pre-A and Pre-A+ funding rounds.

The investment was co-led by the Yueda Auto Sci-Tech Innovation Fund and Glory Ventures Capital, followed by Morning Spring Venture and Tongwei Capital.

The funds will be primarily allocated to the continued development and certification of two key eVTOL models: the DF600 "Jinghong" unmanned aircraft and the DF3000 "Youlong" manned aircraft, aimed at enhancing both urban air mobility and intercity transportation.

This funding round comes after DreamFly’s initial seed investment in 2023, which was led by Tengye Ventures and supported by the Shui Mu Qing Hua Seed Fund. The new capital underscores growing confidence of investors in DreamFly’s technology and its potential to revolutionize the future of urban air mobility.

eVTOLs have emerged as a transformative force in the aviation industry, expected to be a cornerstone of the low-altitude economy. These aircraft offer distinct advantages, such as heightened intelligence, efficiency, safety, environmental sustainability, and cost-effectiveness.

One of the most promising applications for eVTOL technology is intercity travel, particularly for distances ranging from 50 to 400 kilometers. While current battery limitations prevent pure electric eVTOLs from exceeding a range of 300 kilometers in the near future, hybrid tiltrotor eVTOLs like those developed by DreamFly offer a solution by combining long-range capabilities with high-speed travel, easing the issue of “range anxiety” and positioning the company for rapid commercial deployment.

DreamFly has been at the forefront of tiltrotor and electric aviation technology in China since 2018. Over the years, the company has made impressive strides in overcoming key technological challenges. In 2024, DreamFly successfully completed the maiden and full transition flight tests for its DF600 "Jinghong" aircraft, signaling a major step forward in hybrid aviation technology. The company has also made significant headway in the development of liquid hydrogen fuel cells and turbine generators, positioning DreamFly as a leader in China’s related technology while closely following global trends, particularly those set by industry leader JOBY.

The DF600 "Jinghong" is a testament to DreamFly's technological innovations. The aircraft integrates a novel air-cooling solution that reduces the weight of its cooling system while enhancing the power system’s lifespan. Additionally, DreamFly has reimagined the aircraft’s power system layout, successfully incorporating the power and cooling systems within the cabin while ensuring safety by positioning the liquid hydrogen fuel tank outside the fuselage. The company’s hybrid power systems are complemented by tailored control strategies designed to optimize performance for ton-class eVTOLs.

DreamFly’s founder Cai Wenkuan, a trailblazing hard-tech entrepreneur, has set his sights on transforming China’s aviation industry through technological innovation. With over 15 years of experience, Cai envisions DreamFly becoming a world-class aviation company in one to two decades, spearheading the development of intelligent electric aviation.

The company’s founding team, which includes top engineers who graduated from Tsinghua University and experts with experience in major projects such as the C919, Yun-12F, and Bombardier C Series, has played a critical role in DreamFly’s development efforts.

DreamFly’s investors have expressed strong confidence in the company’s potential. Xu Pengtian from Yueda Auto Sci-Tech Innovation Fund is bullish on DreamFly’s technical foresight, noting that its long-range eVTOL models are well-positioned to dominate both the specialized and civilian markets.