(Yicai Global) Nov. 16 -- Chinese agricultural drone maker XAG has completed a CNY1.2 billion (USD182.2 million) round of financing, led by Baidu's venture capital arm and SoftBank's Vision Fund 2.
Sinovation Ventures, Yuexiu Industrial Fund and Guangzhou Emerging Industries Investment Fund joined the round, as well as familiar investor Chengwei Capital, the Paper reported today, without disclosing which round of financing was finished.
Founded in 2007, Guangzhou-based XAG has rolled out six product lines for unmanned agriculture. The firm's products have helped maintain and harvest over 41.3 million hectares of farmland.
With this round of funding, XAG will bolster its advantages in research and development, as well as manufacturing, develop more smart equipment, and build unmanned farms, said founder Peng Bin.
Various cities have started testing unmanned driving and such technologies are conducive to freeing up the labor force to work in higher value-added industries, said Mandy Hu, managing director at Baidu Capital. Baidu is willing to work with XAG to build highly efficient infrastructure because this will be the future of agriculture, Hu added.
Softbank Vision Fund is optimistic about the smart agricultural path that XAG is creating and hopes that the company can continue to lead the development of agriculture with science, technology and innovation, said Eric Chen, managing partner at the Japanese conglomerate's fund.
Editor: Emmi Laine