SkyX Announces $5m Investment From Kuang-Chi

ONTARIO, Cananda, May 22, 2017 /PRNewswire/ --

- Leading Chinese technology group providing investment and support to SkyX to capture multi-billion dollar pipeline monitoring market 

- Drones able to recharge themselves, offering maximum range at minimum cost 

SkyX, the innovative aerospace group that has developed a self-charging drone for use in the monitoring of long-range assets like oil and gas pipelines, is pleased to announce that it has received $4m USD of a planned $5m USD investment from Kuang-Chi Group ("Kuang-Chi"). Kuang-Chi is a Chinese disruptive technology group based in Shenzhen with a particular focus on investing in cutting-edge aerospace solutions.

SkyX will bring fully autonomous drones to service the oil and gas industry. The drones have been developed to inspect pipelines for damage and also provide clients with mapping and security surveillance. SkyX is looking to help the oil and gas industry limit its reliance on road vehicles and manned aircraft to improve efficiency and lower costs.

SkyX is bringing revolutionary technology to the market. The SkyOne model offers Vertical Take-Off and Landing (VTOL) capabilities, while providing an invaluable remote recharging feature into the field. This means instead of returning to base, drones instead fly to a local xStation and recharge in a specially designed dome that also provides protection from any inclement weather. The drone then continues to complete its mission.

Kuang-Chi launched an international innovation fund in 2016, known as the Kuang-Chi GCI Fund (GCI Fund), to invest in companies worldwide. Kuang-Chi has been investing funds in SkyX in a series of tranches at key milestones with a total planned investment amount of $5m USD. Kuang-Chi transferred its latest investment tranche earlier this week after SkyX reached yet another development milestone.

Didi Horn, founder of SkyX, commented that "Kuang-Chi is a fantastic example of a visionary disruptive technology investor that is prepared to provide value-added support to start-ups operating in key industrial sectors, like oil and gas. SkyX and Kuang-Chi are a perfect fit, sharing a sense of adventure and passion for innovation. We are excited to have Kuang-Chi on board both as a financial and also crucially as a strategic partner helping us grow our markets and develop our products."

Dr. Ruopeng Liu, Chairman of Kuang-Chi, said: "SkyX has developed ground-breaking technology and we had no hesitation in providing our full backing to this exciting project. SkyX is exactly the type of company in which we at Kuang-Chi look to invest - innovative, disruptive, visionary and commercially attractive. This is a project with which we are passionate to be involved and we are excited to be part of the SkyX journey."

Doron Zauer, Board Member at SkyX, added: "SkyX is looking to disrupt the pipeline monitoring market by developing drones that have the capability to travel further, for longer, at lower cost and with more accurate data than anything on the market. Kuang-Chi is the optimal investor for SkyX and I am looking forward to seeing this mutually beneficial partnership strengthen and deepen." 

For more information on SkyX please visit http://skyx.com/

For more information on Kuang-Chi please visit http://www.kuang-chi.com/en/

SOURCE SkyX