PteroDynamics, an aircraft design and manufacturing company that develops innovative vertical takeoff and landing (VTOL) aircraft, today announced the close of a $7.5 million Seed round. The round was co-led by existing investor Kairos Ventures and new investors Lavrock Ventures and CS Venture Opportunities Fund.
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, defense, 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 Center 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. defense contractors.
“The superior capabilities of our Transwing aircraft platform for certain missions offers significant defense and commercial applicability,” says Matthew Graczyk, CEO and Board Director of PteroDynamics. “Our goal is clear: we want to be the established leader in VTOL aircraft for long-range and long-endurance missions in both the defense and commercial sectors. This investment will accelerate our ability to execute on that goal.”
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.
“This is an exciting milestone for us,” said Dr. Petrov, Founder and Chairman. “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.”
“Kairos Ventures invests in technologies with the potential to change entire industries, and we believe that PteroDynamics is doing just that in the aviation industry with its breakthrough Transwing design,” said Todd Thomson, Chief Operating and Financial Officer of Kairos Ventures. “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 and are looking forward to supporting the next exciting phase of growth.”
Jim Hunt, Managing Partner at Lavrock, commented that “We are excited to invest in PteroDynamics and very happy to co-lead the round."
“CS Venture Opportunities Fund is delighted to partner with PteroDynamics, Kairos and Lavrock with this investment,” said Quinten Stevens, General Partner. “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 defense and commercial markets.”
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