Asia Tech Wire (June 27) -- Aerofugia, the flying car division of Chinese automotive group Geely, announced on Thursday that it has closed a series B financing round of several hundred million yuan.

Notably, the round is the largest single financing in China's VTOL industry in the past two years.

Aerofugia said the round was led by Chengdu-based Orinno Capital, with participation from TH Capital, CAS Star and other existing investors.

The company will use the funds mainly for the development and commercialization of its fully self-developed product, the AE200.

Not long ago, the AE200, Aerofugia's first flying car, completed its first public flight.