BEIJING — Chinese cargo drone startup AirWhiteWhale plans to raise between 100 million yuan and 150 million yuan ($14.7 million and $22.1 million). The fresh capital will be used for design, research and development, and bolstering its workforce, as well as for product trials and component testing.

AirWhiteWhale was founded in 2021 by current CEO Hu Zhendong, who graduated from Beihang University with a Ph.D. in aircraft design. He has worked at a number of aircraft manufacturers including Airbus and Commercial Aircraft Corporation of China.