PteroDynamics, an aircraft design and manufacturing firm that creates innovative vertical takeoff and landing (VTOL) aircraft, announced today the completion of a $7.5 million Seed round. Kairos Ventures, an existing investor, and new investors Lavrock Ventures and CS Venture Opportunities Fund led the round.
The funds raised will help PteroDynamics develop larger Transwing aircraft variants, attract world-class engineering talent, and carry out additional contracts. Furthermore, the company intends to adapt its aircraft for new mission types and enter the commercial sector.
PteroDynamics, founded in 2017 by Dr. Val Petrov, has developed the Transwing®, a revolutionary and patented design for VTOL aircraft 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 comparable size and weight.
PteroDynamics CEO Matthew Graczyk stated that the Transwing aircraft platform has significant applicability for defense and commercial missions, and their goal is to become the established leader in VTOL aircraft for such missions. He further added that the investment will help accelerate their ability to achieve this goal.
PteroDynamics has established itself as a pioneer in aircraft design since its inception. The company has been awarded an Other Transaction Authority (OTA) contract by the United States Navy’s Naval Air Warfare Center Aircraft Division (NAWCAD) to supply three Transwing aircraft for its Blue Water Maritime Logistics UAS program. Furthermore, the company has received four SBIR/STTR contracts from the Air Force, has formal teamings, and has sold multiple Transwing aircraft for testing and evaluation to various US defense contractors.
