XAG Revenue, Valuation, Funding & Investors

XAG is valued at $851M as of October 2023, a 9.8x multiple on its last reported $87M revenue.

See full XAG profile

Last XAG valuation

$851M

Series C · Oct 2023

Last XAG funding round

$4M

Series C · Oct 2023

XAG revenue

$87M

Series C · Oct 2023

Key investors in XAG

  • Chengwei Capital
  • SoftBank Group
  • Hillhouse Investment
  • Sinovation Ventures
  • Guangzhou Yuexiu Industrial Investment Fund
  • Baidu Capital

XAG Overview

About XAG

XAG is a Guangzhou-based leader in agricultural drone technology with operations spanning over 40 countries. The company manufactures UAVs for precision crop spraying, seeding, and monitoring, including the P100 Pro model capable of covering 20 hectares per hour. Established in 2009 as a spin-off from DJI founders, XAG serves more than 1 million farmers globally through its international distributor network.


Founded

2007

HQ

ChinaGuangzhou

Website

xa.com

Status

Privately held

Customer focus

B2B & B2C

Revenue model

Product sales

Revenue

$87M (Oct 2023)

Valuation

$851M (Oct 2023)

XAG Valuation

XAG is currently valued at $851M, based on its Series C in October 2023.

The $4M round included China Unicom Kaixing Investment.

XAG valuation by funding round

XAG valuation by funding round
DateStageValuationRevenue Multiple
Oct 2023Series C$851M9.8x

XAG Revenue

XAG's latest recorded revenue is $87M, as of its Series C in October 2023. At a $851M valuation, that implies a 9.8x revenue multiple.

XAG revenue by funding round

XAG revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Oct 2023$87M$851M9.8xSeries C

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

XAG Funding History

XAG has raised a total of $271M across 5 funding rounds.

XAG's first fundraising round was a $20M Series A in September 2014. The most recent completed round was a $4M Series C in October 2023.

XAG funding rounds

XAG funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2023Series CChina Unicom Kaixing Investment$4M$851MXAG, a Guangzhou-based agricultural robotics company backed by SoftBank Vision Fund and Hillhouse Ventures, completed its C++ funding round in October 2023, receiving 25.5 million yuan from China Unicom Kaixing Investment. The company develops agricultural drones and robots, achieving a 10.7% global market share in 2024 according to Frost & Sullivan, ranking second worldwide. Investors also include Chengwei Capital, Sinovation Ventures, Yuexiu Industrial Fund, Baidu Capital, Guangzhou Emerging Fund, Mingtai Capital, and Suikai Investment. XAG's valuation reached 7.3 billion yuan as per the 2025 Global Unicorn List by Hurun Research Institute. SoftBank Vision Fund holds 12.86% of shares as the largest external shareholder, followed by Chengwei Capital at 10.82% and Baidu Capital at 6.12%. Founder Peng Bin owns about 34.16% of shares. In July 2025, Suikai Investment acquired old shares for 150 million yuan. Financially, XAG narrowed its net loss from 254 million yuan in 2022 to 133 million yuan in 2023, turned profitable in 2024 with approximately 70 million yuan net profit, and reported over 130 million yuan net profit in the first half of 2025.
Mar 2021Series CHillhouse Investment (lead)$46M-XAG, a Chinese manufacturer of agricultural drones and robots founded in 2007, secured approximately $46 million in a 'Series C-plus-plus' round from GL Ventures under Hillhouse Capital Group around March 2021. The funding aims to boost R&D investment and develop robotics products to build an unmanned agro-ecosystem for global food security. This follows a prior 'Series C-plus' round late 2020 with ¥1.2 billion ($182 million) from investors including Baidu and SoftBank. XAG's products include drones for crop protection, fertilizer spraying, remote sensing, and seeding, controllable via smartphone, alongside ground-based ag robots, surveillance cameras, and weather sensors. The company operates across more than 100 million acres of farmland in 42 countries, serving nearly 5 million smallholder farmers.
Nov 2020Series CBaidu Capital (lead); SoftBank Group (lead); Chengwei Capital; Guangzhou Yuexiu Industrial Investment Fund; Sinovation Ventures; SFUND$182M-XAG, a Guangzhou-based agricultural drone maker founded in 2007 as XAircraft and rebranded in 2014, specializes in UAVs for crop protection, fertilizer spraying, remote sensing, seeding, along with ground-based ag robots, surveillance cameras, weather sensors, and smart farm management software. The company completed its largest funding round to date on November 16, 2020, raising CNY 1.2 billion (approximately USD 182 million), co-led by Baidu Capital and SoftBank Vision Fund 2, with participation from Sinovation Ventures, Guangzhou Yuexiu Industrial Investment Fund, Guangzhou Emerging Industry Development Fund (or SFUND), and existing investors Chengwei Capital and Mingtai Capital. This round, advised by China Renaissance, marked the biggest investment in China's agtech sector at the time, amid rising demand for unmanned farm tech due to aging rural labor forces and urbanization. XAG's products serve nearly 5 to 9 million smallholder farmers across 42 countries, covering over 100 to 600 million acres (41.3 to 780 million mu) of farmland by late 2020, with partnerships including Bayer, Huawei, and Airbus. The funding was earmarked for enhancing R&D, manufacturing capacity, sales channels, and developing digital agricultural infrastructure for fully unmanned farms. At the time, competitors like DJI sharpened focus on commercial drones, while others such as McFly and Skysys raised smaller rounds.
Jan 2019Undisclosed stageChengwei Capital; Topsec Technologies Group; Centerlab Investment Holding; Mingtai Capital$19M-XAG (Guangzhou XAircraft Technology Co., Ltd., or Jifei Technology) is a Guangzhou-based agricultural drone manufacturer specializing in drones, unmanned vehicles, autopilots, and agricultural IoT to form a smart agriculture ecosystem. The company focused on R&D, manufacturing, channel services, digital agricultural infrastructure, and unmanned farms with later funding. In January 2019, it completed a Series B+ financing round, receiving 130 million yuan (approximately $19 million USD) from investors including Chengwei Capital, Mingtai Capital, Centerlab Investment Holding Limited, and Topsec (Tianrongxin). This round preceded later financings, such as Baidu Capital's 280 million yuan investment in October 2020 and a larger RMB 1.2 billion (USD 182 million) round in late 2020 or 2021 led by SoftBank Vision Fund 2 and Baidu Capital, with Sinovation Ventures, Yuexiu Industrial Fund, and Guangzhou Emerging Capital. By 2021, XAG had expanded services to over 8.72 million farmers covering 600 million acres in China and entered 42 countries including Japan, Korea, and Australia. XAG continued raising capital post-2019, including a C++ round in October 2023, 25.5 million yuan from China Unicom Kaixing Investment, and 150 million yuan old share purchase by Suikai Investment in July 2025. As of the 2025 Hurun Global Unicorn List, XAG's valuation reached 7.3 billion yuan, with major shareholders like SoftBank Vision Fund (12.86%), Chengwei Capital (10.82%), Baidu Capital (6.12%), and founder Peng Bin (34.16%).
Sep 2014Series AChengwei Capital (lead)$20M-XAG, originally founded as XAircraft in 2007 and rebranded in 2014, is a Guangzhou-based agricultural technology company specializing in drones for seeding, spraying, fertilization, plant protection, remote sensing, and unmanned ground vehicles for crop protection and field scouting. In August 2014, Chengwei Capital invested $5 million USD in an early round, as noted in one source, while another reports a $20 million Series A led by Chengwei Capital around September 2014. Chengwei Capital remained a key investor in subsequent financings, including a 2016 Series B with Mingtai Capital and others, a major 2020 round of 1.2 billion yuan (US$182 million) led by Baidu Capital and SoftBank Vision Fund II, and later C++ rounds up to 2023. XAG has raised at least 7 funding rounds from investors including Chengwei Capital (holding 10.82% pre-IPO), SoftBank Vision Fund (12.86%), Baidu Capital (6.12%), Sinovation Ventures (4.5%), and Hillhouse Ventures (2.99%). Later figures show revenue growth from 605 million yuan in 2022 to 1.066 billion yuan in 2024 and 745 million yuan in H1 2025, with overseas revenue rising from 146 million yuan in 2022 to 371 million yuan in 2024 at a 59.4% CAGR. Profitability improved from net losses of 254 million yuan in 2022 and 133 million yuan in 2023 to net profits of 70.4 million yuan in 2024 and 131 million yuan in H1 2025. XAG holds a 10.7% global market share in agricultural robots per Frost & Sullivan based on 2024 revenue, ranking second behind competitors like DJI. A 2021 valuation was reported at $1.4 billion USD, and a 2025 Hurun unicorn list valued it at 7.3 billion yuan. The company filed for a Hong Kong IPO in 2025 after withdrawing a STAR Market application in 2022, with Peng Bin holding about 34.16% pre-IPO. In July 2025, Suikai Investment acquired old shares for 150 million yuan.

Who has invested in XAG?

11 investors have backed XAG across its funding rounds, including Chengwei Capital, SoftBank Group, Hillhouse Investment, Sinovation Ventures, Guangzhou Yuexiu Industrial Investment Fund and Baidu Capital.

Lead investors include Hillhouse Investment, Baidu Capital, SoftBank Group and Chengwei Capital.


XAG Investors

Investors in XAG by funding rounds participated
InvestorHQRoundsRoleFirst check
Chengwei CapitalChinaShanghai3LeadSep 2014
SoftBank GroupJapanTokyo1LeadNov 2020
Guangzhou Yuexiu Industrial Investment FundChinaGuangzhou1ParticipantNov 2020
Hillhouse InvestmentSingaporeSingapore1LeadMar 2021
Baidu CapitalChinaChina1LeadNov 2020
China Unicom Kaixing InvestmentChinaChina1ParticipantOct 2023
Sinovation VenturesChinaBeijing1ParticipantNov 2020
Topsec Technologies GroupChinaBeijing1ParticipantJan 2019
Centerlab Investment HoldingChinaHong Kong1ParticipantJan 2019

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XAG Competitors

XAG competitors include listed companies like Aeva and People & Technology, and private ones like Echodyne, Vayyar, Quanergy Systems and Hidden Level.

Public and private companies comparable to XAG
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
AevaUnited StatesUnited StatesPublicly listed$18M($139M)$1.1B35.6x
EchodyneUnited StatesSeattle, WAPrivate--$528M-
People & TechnologySouth KoreaSouth KoreaPublicly listed$542M$77M$485M1.2x
VayyarIsraelYehudPrivate$71M-$1.5B21.1x
Quanergy SystemsUnited StatesSan Jose, CAPrivate--$1.6B-
Hidden LevelUnited StatesSyracuse, NYPrivate--$450M-

XAG Public Comps

XAG is still privately-owned, but its public comps include Hangzhou Sunrise Tech, Evolv Technologies, TOKYO KEIKI, LEM Holding, Kodiak AI, Elsight, Robosense, Optex Group Co, LightPath Technologies and Extreme Vision.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Hangzhou Sunrise Tech$252M$95M1.7x1.8x4.5x4.6x
Evolv Technologies$146M($9M)6.1x5.2x(104.5x)62.9x
TOKYO KEIKI$393M$46M2.3x2.1x19.4x17.7x
LEM Holding$350M$53M2.5x2.4x16.6x13.3x
Kodiak AI$4M($577M)233.9x98.7x(1.5x)(6.6x)
Elsight$23M$6M30.7x15.3x117.5x34.5x
Robosense$289M($19M)2.1x1.6x(31.9x)(52.9x)
Optex Group Co$424M$70M1.4x1.3x8.5x-

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Common questions about XAG

When was XAG founded?XAG was founded in 2007.
Where is XAG headquartered?XAG is headquartered in Guangzhou, China.
Is XAG publicly listed?No, XAG is a private, VC-backed company.
What is XAG's valuation?XAG was last valued at $851M in its Series C in October 2023.
How much funding has XAG raised?XAG has raised $271M across 5 funding rounds.
What was XAG's last funding round?XAG's last funding round was a $4M Series C in October 2023.
Who are XAG's investors?XAG's investors include Chengwei Capital, SoftBank Group, Guangzhou Yuexiu Industrial Investment Fund, Hillhouse Investment, Baidu Capital, China Unicom Kaixing Investment, Sinovation Ventures, Topsec Technologies Group, Centerlab Investment Holding, Mingtai Capital and 1 other.
What is XAG's revenue?XAG's latest recorded revenue is $87M (October 2023).
What is XAG's revenue multiple?XAG's latest valuation implies a 9.8x revenue multiple ($851M valuation on $87M of revenue).
Which companies are comparable to XAG?Companies comparable to XAG include Aeva, Echodyne, People & Technology, Vayyar, Quanergy Systems and Hidden Level.

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