PteroDynamics, an aircraft design and manufacturing company that develops vertical takeoff and landing (VTOL) aircraft, today announced the close of a USD7.5 million Seed round. The round was co-led by existing investor Kairos Ventures and new investors Lavrock Ventures and CS Venture Opportunities Fund.
According to a company press release: “Founded in 2017 by Dr. Val Petrov, PteroDynamics has developed a revolutionary and patented design for VTOL aircraft called Transwing® that folds/unfolds its wings during flight to transition between rotor wing and fixed wing configurations. The result of this design is that Transwing aircraft have a smaller ground footprint while being able to fly farther, faster, longer, and/or carry heavier payloads than other VTOL aircraft of a similar size and weight. This is critical for everything from drone delivery to air taxis with extensive government, defence, industrial, and commercial applications as well.
“PteroDynamics has gained significant recognition as a pioneer in aircraft design since its founding. The company has secured an Other Transaction Authority (OTA) contract with the U.S. Navy’s Naval Air Warfare Centre Aircraft Division (NAWCAD) to supply three Transwing aircraft for its Blue Water Maritime Logistics UAS program. Additionally, the company has been awarded four SBIR/STTR contracts with the Air Force and has formal teamings and has sold multiple Transwing aircraft for test and evaluation to various U.S. defence contractors.
“The capital raised will support PteroDynamics’ plans to develop larger Transwing aircraft variants, attract world-class engineering talent, and execute on additional contracts. Further, the company is looking to adapt their aircraft for additional mission types and enter the commercial sector.”
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