TopxGun (拓攻机器人), a drone and UAV startup, has completed the Series C1 round of funding for an undisclosed amount of money led by Archaeus Capital.
Proceeds from this round will be used to develop and manufacture an array of aircraft with a weight from 40 kg to 2 tons.
According to media reports, TopxGun has built a product portfolio consisting of multi-copter, lift-and-cruise and fixed-wing models.
These drone products can cover airspace below an altitude of 10,000 m.
Headquartered in Shanghai, TopxGun is the first domestic civilian drone maker that targets branch line logistics.
Over the past few years, TopxGun’s products have been tested, deployed for trial run and also delivered in many parts of central and western China.
According to Frost & Sullivan, China’s market for civilian industrial UAV accounted for more than 50% of the global total between 2015 and 2019.
In 2019, China’s industrial drone market hit 15.2 billion yuan (US$2.08 billion), including the sales of drones and drone-enabled services, representing roughly 55% of the global industry worth.
In addition to cementing its role in UAV, TopxGun also claimed to have established a foothold in the eVTOL domain and collaborated with large partners on related projects.
Of the many use cases of drones, TopxGun has chosen agriculture and plant protection as the primary scenario for its technologies.
With an eye to serve clients in aerial electrical inspection and mapping sectors, the startup rolled out fixed-wing drones.
In addition, it also has applied its drones in a number of areas including short-distance transportation.
Upgrades in hardware, software
TopxGun revealed it will launch its new product and application for 2024 in Nanjing, capital of eastern China’s Jiangsu Province.
Expected new releases at the event include the latest model of its FP agriculture drone series, complete with upgrades in structure and design, as well as new modes of operation in line with the needs for plant protection.
As the country’s first tech firm to test-fly a large-sized transportation drone, TopxGun has demonstrated the ability to commercialize its technologies through various partnerships on large UAVs, Dr. Zhang Liang, a partner at Archaeus Capital, was quoted as saying in original Chinese reports.
Prior to the latest fundraiser, TopxGun has closed several rounds of funding, counting SAIF Partners China, Delta Capital, DCM, Huatai Securities, and Huaan Securities among its backers.