Soo-man Lee Bets on Drones with Major Investment in Chinese Company
Specific Investment Amount Not Disclosed
Established Drone Corporation Ripollux in 2019
Former SM Entertainment (SM) Chief Producer Lee Soo-man has become an investor in a Chinese drone taxi company.
On the 12th, EHang, a Chinese autonomous aerial vehicle (AAV) technology platform company, announced on its official website that "Lee Soo-man, a renowned Korean music producer, entrepreneur, and founder of K-pop and SM, has led multiple strategic investments and signed a subscription agreement for a private placement of new shares worth a total of 23 million USD (approximately 29.8 billion KRW)."
EHang is a Chinese drone manufacturer and a leading company in the autonomous aerial vehicle sector, having introduced the 'drone taxi.'
However, while EHang introduced Lee Soo-man as a key investor and stated that the transaction under the agreement would be completed by the third quarter of this year, it did not disclose his specific investment amount.
EHang also announced plans to collaborate with Lee Soo-man in developing urban air mobility (UAM) businesses in the Asia-Pacific region.
Through EHang, Lee Soo-man expressed, "I appreciate EHang's unwavering efforts to realize safe, autonomous, and eco-friendly air transportation," adding, "As a long-term investor in the promising urban air mobility industry, I am pleased to capture opportunities and contribute to growth through investment and collaboration with EHang."
He further stated, "I look forward to advanced transportation technology and popular culture converging to create sustainable value," and added, "I am proud to be part of that endeavor."
In 2020, at the Mulbit Stage area of Yeouido Hangang Park in Seoul, a two-seater drone taxi from China's Ehang was conducting an unmanned test flight during the Urban Air Mobility (UAM) demonstration flight event hosted by the Seoul Metropolitan Government and the Ministry of Land, Infrastructure and Transport. [Image source=Yonhap News]
Huaqi EHang, Chairman and CEO, said, "I am deeply impressed by Lee Soo-man's interest and passion for innovative technology, future air mobility, and autonomous flying vehicles," adding, "We are pleased to meet a long-term strategic investor and partner like Lee Soo-man."
This is not the first time Lee Soo-man has shown interest in the drone business.
In February 2019, he established LeePollux Co., Ltd., a drone-related corporation. LeePollux develops and manufactures drones and related hardware and software.
Lee Soo-man has also previously raised the business model combining drones and entertainment as a topic. In February 2019, he attended the 'Korea-Indonesia Content and IT Cooperation Seminar' held in Jakarta, Indonesia, where he presented new business opportunities using drones as part of SM's vision.
Meanwhile, after selling most of his SM shares to HYBE, Lee Soo-man has been focusing on ESG (environment, social, governance) and technology-related businesses mainly overseas. He founded a personal company called 'Blooming Grace,' which operates ESG and cultural technology businesses. Recently, he donated 10 million KRW to the Mongolian government under the name of a 'disaster damage recovery tree planting fund.'
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