Shanghai’s drone maker Yuneec has recently swooped a whopping $60 million funding from Intel Corp despite the falling stock market in China.
Founded in Hong Kong in 1999, Yuneec is a world leader in drone and aerospace technologies with its core lying on the technologies that power its unmanned and radio controlled aircraft. Apart from Yuneec, another drone company Ehang has raised $42 million like around two days ago. Recently, unmanned aerial vehicles are attracting large amounts of investments mainly because of its worth for consumers and industrial customers. Big companies like Amazon and Google are working on to develop drones to deliver products to consumers.
“At Intel we believe in a smart and connected world. And one of the best ways to bring that smart and connected world to everyone and everywhere has been drones. We have got drones on our road map that are going to truly change the world and revolutionize the drone industry,” said Brian Krzanich, CEO of Intel corp.
Further to the strategic investment, Intel and Yuneec plan to work together to develop future products that would prove beneficial to consumers and industrial users. The Yuneec practices bonds well with the Intel’s strategy to fund the companies that are coming up with products with the potential to widen the market for semiconductors as company looks out for new devices for chips. Intel’s investment in drone company is much like the investments in the next-generation data center software companies like Mirantis.
It is not the first time Intel has invested in the drone companies. It had earlier made smaller investments in drone companies likes Airware and PrecisionHawk, which is considered as a way of Intel to strategize on winning an upper hand against ARM-based CPUs in the UAV market.
Neither of the companies have denied to comment on how they have planned to use the new funds.