A technology startup located in Dorset and focused on aerospace tech, Gilo Industries, has succeeded in raising funding totalling $30m (£23.8m) – with Kuang-Chi Group being the investor.
This represents the first time that this Chinese technology company has put money into a British tech firm, since it launched the GCI Fund last year. It is believed that Kuang-Chi Group intends to plough up to $300m (£238m) into this fund during the course of the next few years, which will then be used to support innovative tech startups, with a particular focus on those in the UK.
Under the terms of this deal, the Chinese company will be taking a stake of 40% in Gilo Industries, with this firm currently having an £80m valuation. Gilo is intending to deploy the new financing for the commercialisation and enhancement of its aviation technology, growing the company within markets in the Asia-Pacific region and establishing itself within multiple sectors.
It will remain based at its current headquarters in Shaftesbury, while all of its facilities for manufacturing will also stay within this country. Company founder Gilo Cardozo stated:
"The support from Kuang-Chi is exactly what we need to continue to expand our production capabilities and embrace exciting new manufacturing technologies to help us grow and succeed in the global marketplace."
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