China based technology company, Kuang-Chi, has announced it will be investing £24 million in a Dorset company.
The company, which specialises in advanced aerospace technology, hopes to use the investment to: improve and further commercialise aviation technology, help the company expand across the globe, and establish relationships with global market leaders.
Dr Ruopeng Liu, Chairman of Kuang-Chi, said: “The UK has a very attractive atmosphere for innovation with great potential for further growth.
“We are delighted to make our first UK investment in Gilo, which we hope to be the first of many investments in the coming years.
“Gilo is a fantastic company that is a leader in innovation, with breakthrough aerospace engineering technologies and products.”
The Chairman is confident that Brexit has not ruined Britain’s reputation as an innovator, adding: “Despite some fears surrounding Brexit, innovation is booming in the UK and Kuang-Chi has confidence in the UK market, which has a long history and a good reputation for innovation that will not fade away easily.”
“Investing in British startups and technology companies in the growth stage is a key part of our long term strategic plan to invest in the most exciting, disruptive and innovative technologies around the world.”
Gilo Cardozo, founder of Gilo Industries, said: “The support from Kuang-Chi is exactly what we need to continue to expand our production capabilities and embrace exciting manufacturing technologies to help us grow and succeed in the global marketplace.
“It is a really clear example of how international organisations look to all of Britain for innovation and entrepreneurship and how they can boost regional, national and global industries.”
The Kuang-Chi international innovation fund was originally launched in 2016 to invest in companies worldwide.
The fund is expected to grow to $300 million within the next three years, with more and more focus being given to UK industries.