PteroDynamics Raises $7.5M Seed Round to Expand Transwing Aircraft Platform
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 patented design for VTOL aircraft called Transwing that folds/unfolds its wings during flight to transition between rotor wing and fixed wing configurations. 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 and there are extensive government, defense, industrial, and commercial applications as well.
PteroDynamics 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 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.
To learn more, visit the Pterodynamics website here.
– Article by Thomas Atwood
