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Business

Chinese drone maker enlists third venture investor

BEIJING -- DJI Innovations, a global leader in consumer and commercial drones, has secured $75 million in funding from U.S. venture capital group Accel Partners, an early investor in companies including Facebook, Dropbox, Spotify and Etsy.

     The deal values DJI, formally Dajiang Innovation Technology, at $8 billion, according to a person familiar with the company's fundraising efforts, implying Accel will hold a stake of just under 1%. DJI claims to control around two-thirds of the world market for private-use drones. It is still seeking to raise capital at a $10 billion valuation to develop more industrial-use products.

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