Date
26 May 2017
DJI has become the world’s top consumer drone maker by revenue, expecting sales of over US$1 billion this year. Photo: Bloomberg
DJI has become the world’s top consumer drone maker by revenue, expecting sales of over US$1 billion this year. Photo: Bloomberg

Chinese drone maker DJI raises US$75 million

Chinese drone maker SZ DJI Technology Co. has secured a US$75 million investment that values the company at about US$8 billion, the Wall Street Journal reported.

Venture capital firm Accel Partners said the DJI deal is one of its largest ever.

“We think [the drone sector] is still an early market, but one that we think is a new global technology category,” Accel’s Sameer Gandhi was quoted as saying.  “This is the company we believe is going to be the leader in that category.”

The newspaper reported last month that DJI was in talks to raise funds that could ultimately value the company at around US$10 billion.

Venture firm Sequoia Capital already is an investor, according to the Shenzhen-based DJI.

DJI has become the world’s top consumer drone maker by revenue, expecting sales of over US$1 billion this year, compared with US$130 million in 2013, WSJ said.

Chief executive Frank Wang founded the company in his Hong Kong dorm room in 2006.

Seven years later, DJI released the Phantom, a 2.8-pound drone that is easy to fly and shoots high-definition footage. It quickly became a favorite among photographers and filmmakers around the world.

California-based drone maker 3D Robotics Inc., DJI’s top rival, has raised more than US$100 million over multiple funding rounds, the report said.

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RC/CG

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