Colorado Springs, USA-based aircraft design and manufacturing company developing innovative vertical takeoff and landing (VTOL) aircraft, PteroDynamics, raised USD 7.5 million in seed funding. Existing investor Kairos Ventures and new investors such as Lavrock Ventures and CS Venture Opportunities Fund led the financing for the company.
Purpose of financing for PteroDynamics
With the latest capital injection from the seed round, PteroDynamics plans to develop larger Transwing aircraft variants. It also aims to attract world-class engineering talent. Meanwhile, it seeks to execute additional contracts. Further, the company looks to adapt their aircraft for additional mission types and enter the commercial sector.
What the company’s officials have to add
Matthew Graczyk, CEO and Board Director of PteroDynamics, said, “The superior capabilities of our Transwing aircraft platform for certain missions offer significant defence and commercial applicability. Our goal is clear: we want to be the established leader in VTOL aircraft for long-range and long-endurance missions in both the defence and commercial sectors. This investment will accelerate our ability to execute that goal.”
Besides, Dr Val Petrov, Founder and Chairman, further added, “This is an exciting milestone for us. We look forward to our continued partnership with Kairos, who advances us in our shared mission of transforming industries, along with our new investors Lavrock and CS, to bring innovation that will expand the applications of our Transwing aircraft.”
What the investors have to add
Todd Thomson, Chief Operating and Financial Officer of Kairos Ventures, said, “Kairos Ventures invests in technologies with the potential to change entire industries. We believe PteroDynamics is doing just that in the aviation industry with its breakthrough Transwing design. As long-standing supporters of PteroDynamics, we are thrilled to welcome Lavrock Ventures and CS Opportunities Fund alongside Kairos as co-leads in PteroDynamics’ Seed round. We are looking forward to supporting the next exciting phase of growth.”
In addition, Jim Hunt, Managing Partner at Lavrock, commented, “We are excited to invest in PteroDynamics and very happy to co-lead the round.”
Quinten Stevens, General Partner, further said, “CS Venture Opportunities Fund is delighted to partner with PteroDynamics, Kairos and Lavrock with this investment. We invest in transformative technologies and believe the company’s Transwing VTOL aircraft technology is fundamentally changing VTOLs capabilities with its unique configuration that has numerous applications in both the defence and commercial markets.”
About the company
In 2017, Dr Val Petrov launched the company. PteroDynamics is a venture-backed aircraft design and manufacturing company that has developed a novel vertical takeoff and landing (VTOL) aircraft design called Transwing® that folds its wings during flight to transition between rotorcraft and fixed-wing configurations.
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