PteroDynamics Raises $7.5 Million for Aircraft With Folding Wings
Photo Credit: The PteroDynamics novel aircraft (pictured) has wings that fold and unfold during flight. PteroDynamics / PteroDynamics
Skift Take
PteroDynamics wants to enter the commercial market with a novel vertical takeoff and landing aircraft that has folding wings.
Travel Startup Funding This Week
Each week we round up travel startups that have recently received or announced funding. Please email Travel Tech Reporter Justin Dawes at [email protected] if you have funding news.Three travel tech startups have raised $13.3 million in venture capital this week.
>>PteroDynamics, a startup that designs and manufactures vertical takeoff and landing (VTOL) aircraft, has raised $7.5 million in Seed funding. It was co-led by existing investor Kairos Ventures and new investors Lavrock Ventures and CS Venture Opportunities Fund.
PteroDynamics said its aircraft, called Transwing, folds and unfolds its wings during flight to achieve different wing configurations, resulting in a smaller ground footprint and more effective performance than 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.
The Colorado-based company has secured contracts to provide three Transwing aircraft to the U.S. Navy, complete projects for the U.S. Air Force, and provide multiple aircraft for test and evaluation to various U.
