AIR's New $23M Funding Round Fuels Expansion of eVTOL Aircraft Operations in the U.S.

AIR Expands with New Funding for eVTOL Growth

AIR, an innovative startup specializing in electric vertical takeoff and landing (eVTOL) aircraft, has successfully raised $23 million in its Series A funding round. This financial boost is led by Entrée Capital and comes with participation from notable investors, including Dr. Shmuel Harlap. With this new capital infusion, AIR is equipped to expand its presence within the U.S. market and ramp up production to meet the increasing demand for its cutting-edge aviation solutions.

The recent funding aligns perfectly with the U.S. government's push toward advanced air mobility, reinforced by an Executive Order aimed at promoting eVTOL production and integration. In addition to this, the Federal Aviation Administration's (FAA) updated MOSAIC ruling, which broadens light sport aircraft certification to encompass eVTOLs, has created a favorable environment for AIR. The firm is particularly well-positioned to adhere to these new standards, potentially making it one of the first manufacturers to achieve Light Sport Aircraft (LSA) certification for its flagship model, the AIR ONE.

Having already delivered its initial aircraft to a logistics partner in 2023, AIR marks a significant milestone in the commercial deployment of its technology. This new funding will not only amplify AIR's operations in the U.S. but will also support the growing demand for its uncrewed cargo aircraft models across various sectors, including disaster response and logistics.

The uncrewed cargo eVTOLs from AIR bring forth a variety of capabilities designed to cater to modern logistical challenges. They can cover a distance of up to 100 miles at speeds reaching 120 knots, accommodating up to 550 pounds of cargo across 70 cubic feet of space. These aircraft are engineered for efficiency, adaptability, and seamless integration into existing supply chains, making them ideal for diverse applications.

Moreover, AIR’s piloted model, the AIR ONE, caters to individual mobility. Designed for performance and comfort, it emphasizes safety and accessibility, setting a new standard in the general aviation sector.

The two models—one intended for piloted flight and the other for autonomous operations—share a design ethos that allows for valuable cross-platform enhancements. Notably, both aircraft feature a unique folding wing mechanism, which enables them to fit in standard car-sized parking spaces, thereby enhancing practicality.

CEO and co-founder Rani Plaut expressed optimism regarding the future, stating, “This funding solidifies AIR’s path forward and enables us to continue fulfilling the promise we made to our customers. We are proud to have demonstrated our ability to succeed with lean operations, generating significant revenues in the eVTOL space while operating efficiently.” He further emphasized the critical role that Entrée Capital will play in accelerating the company’s vision.

Avi Eyal, Managing Partner at Entrée Capital, acknowledged confidently the breakthrough achieved by AIR saying, “We have followed AIR's journey from inception to its current operational phase and noted its remarkable engineering capabilities. The multi-modal platform it has developed is set to transform air transport thanks to its affordability, low maintenance, and high safety standards.”

As AIR strides forward, it is set to deliver 15 uncrewed cargo eVTOLs within the next year alongside fulfilling over 2,500 pre-orders for its piloted AIR ONE model. With these developments, AIR is well-positioned to lead the transformation of the Advanced Air Mobility (AAM) space moving forward.

About AIR

AIR is a leading aerospace Original Equipment Manufacturer (OEM), dedicated to crafting advanced eVTOL aircraft for both piloted and autonomous freight operations. With a payload capacity exceeding 550 pounds and proven operational reliability, AIR represents a pioneering force in the rapidly evolving AAM sector. The company focuses on leveraging innovative technologies in energy-efficient aviation and advanced engineering to redefine modern air transport. For more details, visit AIR's official website.