I-Kingtec, a developer of drones and ground robots to power the “ultra-low-altitude economy,” has raised 500 million yuan ($69.2 million) in a Series D round. Separately, Chinese express-delivery giant SF Express has led a Series B round of 200 million yuan ($27.7 million) for Rino.ai.
I-Kingtec raises $69.2m to power the ultra-low-altitude economy
I-Kingtec, a Chinese startup that develops drones and ground robots to power the so-called ‘ultra-low-altitude’ economy, has raised 500 million yuan ($69.2 million) in a Series D round to invest in the R&D of its artificial intelligence (AI)-based new products.
The Beijing-based startup secured the new funding from Liangxi Science and Technology Innovation Industry Fund (梁溪科创母基金), a 10-billion-yuan ($1.4 billion) fund of funds (FOF) managed by Broad Vision Funds in China, according to a company statement.
Founded in 2017 by Chen Fangping while he was studying for his doctor’s degree in computer science at Peking University, I-Kingtec specialises in industrial drones, known professionally as unmanned aerial vehicles (UAVs), and supporting ground robots for the ultra-low-altitude economy.
The ultra-low-altitude economy refers to economic activities in airspace below 500 metres. It is part of the ‘low-altitude economy’, or economic activities in airspace below 1,000 metres, that is deemed strategically important by Bejing to China’s national growth.
Fuelled by China’s fast-evolving drone-making capabilities, the low-altitude economy in China is estimated at 1.5 trillion yuan ($207.6 billion) in 2025, according to the Civil Aviation Administration of China (CAAC). The civil aviation authority expects the market scale to grow further and hit 3.5 trillion yuan ($484.4 billion) by 2035.
I-Kingtec uses AI to build a holistic portfolio of low-altitude products and solutions, combining industrial drones, ground robots, real-world mapping solutions, and Internet-of-Things (IoT) cloud platforms. Its products offer unmanned inspection, emergency management, and other tasks for industries like power & utility, smart city, oil & gas, renewable energy, forestry, and water conservancy.
The Series D round will allow the startup to step up its new product R&D and mass production.
Delivery giant SF Express leads nearly $28m deal for Rino.ai
China’s biggest express-delivery firm SF Express has led a Series B round of 200 million yuan ($27.7 million) for Rino.ai, as the self-driving startup aims to manage up to 5,000 daily active self-driving delivery vehicles by 2026.
For the Series B round, Rino.ai also attracted the participation of Chinese automaker Shineray Group, which owns the Italian motorcycle brand SWM, and venture capital (VC) firm Linear Capital, a returning investor, the startup announced on Thursday.
The investment was built on the startup’s existing business collaboration with the lead investor from 2024, when Rino.ai started using its self-driving delivery vehicles to dispatch parcels for SF Express from its logistics centres to pick-up stores. Under this collaboration, Rino.ai currently manages a few hundred vehicles daily for SF Express.
Rino.ai, which provides similar services to other courier companies like J&T Express, claims that its unmanned vehicles and self-driving solutions can help clients save 50% of delivery costs, if not more.
The startup also partners with retailers, fresh produce companies, food delivery platforms, and supermarket chains, such as Yonghui Superstores, as well as Alibaba Group’s new retail chain Freshippo and food delivery platform Ele.me.
