Chinese tech investor Kuang-Chi has invested $30 million (£25 million) in Dorset-based jet engine company Gilo Industries, valuing the firm at $80 million (£67 million), according to The Financial Times.

The deal, announced on Monday, marks the investor's first foray into the UK market.

Gilo, which makes rotary engines for jetpacks and unmanned aircraft, reported revenues of £915,000 and an operating profit of £45,562 in 2015, according to Companies House filings. It said it will use the new capital to expand and adopt new manufacturing technologies.

Gilo Cardozo, founder of Gilo, said in a statement: "The support from Kuang-Chi is exactly what we need to continue to expand our production capabilities and embrace exciting new 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 areas of Britain for innovation and entrepreneurship and how they can boost regional, national and global industries."

 

Founded in Shenzhen in 2010, Kuang-Chi has taken a 40% stake in Gilo, according to The Financial Times.

The tech investor is hoping to raise a $300 million (£250 million) fund over the next three years to invest in innovative companies worldwide. It said it will place a "large focus" on the UK.

Ruopeng Liu, chairman of Kuang-Chi, said in a statement: "This is only the start of Kuang-Chi’s UK investment plans. 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."

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