Renren, which had taken part in the consumer drone producer's series A round in September 2015, came back to co-lead its series B.
China-based unmanned aerial vehicle developer Simtoo has raised RMB72m ($10.6m) in a series B round co-led by a subsidiary of social media company Renren, China Money Network reported yesterday.
Renren co-led the round with Beijing Infinitas Interactive Media and Hanking Family Office, a fund-of-funds branch of private equity firm Hina Group. It followed $3.1m of series A funding provided by Renren and an undisclosed Chinese investor in September 2015.
Founded in 2015, Simtoo produces a range of lightweight, portable consumer drones under a brand called Dragonfly.
The company has sold about 20,000 of the Dragonfly drones, which retail for about $450 each, in China and plans to launch them in the US in early 2017, supplying them to big box retailers. It expects international sales to eventually make up around 70% of its revenue.
