SZ DJI Technology Co. eying valuation at US$10 billion
The world's most innovative drone maker based in China, SZ DJI Technology Co., could be worth $10 billion.
The DJI Technology company is in the process to raise money from investors at a $10 billion valuation. The firm offers professional quality machines to consumers for around $1,000.
If it becomes successful to raise the money, its valuation would propel it into the ranks of elite tech startups. The drones of Shenzhen-based company are designed with four propellers and are easy for beginners to control.
The company was founded by Frank Wang in 2006. It only had one small office and it has more than 3,000 workers and offices in the United States, Germany and the Netherlands currently. DJI's consumer drones are used in filmmaking, agriculture, conservation, search and rescue, energy infrastructure, and other sectors.
One of the company's latest models, the Phantom 3, comes equipped with a camera that shoots in 4K or 1080p. It has a range of 1.2 miles (2 kilometers). The drones are used by enthusiasts, commercial clients and the media such as CNN. In January, a DJI drone crash landed on the White House grounds, sparking worries over security.
The company's success has also helped challenge the idea that Chinese tech firms aren't as innovative as their foreign competitors. DJI's CEO, Frank Wang said that he is proud of the company's innovation record.
He said, "Many Chinese companies manufacture cheaper versions of advanced foreign products. But we are proud to say that we have been leading the industry since we started even now".
He added that Chinese companies are now getting better and more and more of them like Huawei, Tencent and Alibaba are doing well worldwide.