Zero Gravity Aircraft Industry closes ¥500M Series B
What's the deal? Zero Gravity Aircraft Industry, a Chinese eVTOL manufacturer headquartered in Hefei, has closed a ¥500M Series B round. Hefei Hi-Tech Investment, Hefei Innovation InvestmentDealroom has a profile for this one. Try Dealroom →, and Hefei Industrial Investment co-led the round, with participation from Fangguang Capital, Hua'an Asset Management, and Yunshi CapitalDealroom has a profile for this one. Try Dealroom →.
The company develops manned electric vertical take-off and landing aircraft alongside electric fixed-wing planes. It has research, operations, production, and test-flight facilities spread across Nanjing, Shenzhen, and Jiaxing.
Why now? China's low-altitude economy — the government's term for the commercial drone and urban air mobility sector — has become a national strategic priority. Local governments, particularly in cities like Hefei, are racing to attract and fund advanced air mobility companies as the sector moves from prototyping toward certification and commercialisation.
The heavy involvement of Hefei-linked municipal investors underscores how Chinese local governments are using direct investment to anchor high-tech manufacturing in their regions.
What could go wrong? The eVTOL industry worldwide still faces steep regulatory and technical hurdles. Certification timelines remain uncertain, battery energy density limits range and payload, and the path to profitable commercial operations is unproven. The sector is also increasingly crowded in China, with dozens of startups competing for the same government support and market opportunity.
The signal: Zero Gravity Aircraft Industry's leap to late stage with a $500M Series B — led entirely by Hefei-linked municipal investment funds — illustrates how Chinese local government capital is functioning as de facto venture funding for the country's low-altitude economy push. The round's sheer size suggests that the race to dominate eVTOL manufacturing is increasingly being fought with public industrial policy budgets rather than traditional VC conviction alone.
