Wave Engine Corporation Raises $3.5 Million in Seed Financing Round


Wave Engine Corporation

North American Wave Engine Corporation (“Wave Engine Corp.”), a pioneer in the development of next-generation high-performance propulsion systems and aerial vehicles, today announced a $3.5 million seed round headed by Gula Tech Adventures. Kevin Mahaffey, the Abell Foundation, the Maryland Momentum Fund, and Asymmetry Ventures are among the other investors. The business recently announced the opening of a new 7,500-square-foot facility in Baltimore to handle future growth plans based on the continuous development and assembly of engines and aircraft.

Wave Engine Corp. is creating a low-cost, fuel-flexible, and environmentally friendly jet propulsion technology with no moving parts. The company’s engine technology generates push for aircraft propulsion by using pressure waves rather than moving equipment. The compelling economics of the propulsion technology, with lower production costs and lower maintenance requirements, has significant implications for both commercial and defense aviation sectors.

In 2018, the company raised $1.45 million in a seed round of funding. This was followed by a DARPA investment of $2.85 million in 2019 and successful flight demonstrations in 2020. Wave Engine Corp. announced a $1 million contract with the USAF Armament Directorate in 2021 to create and demonstrate an air-launched vehicle as part of the USAF’s efforts to develop high-impact technologies important to aviation and aerial combat’s future.

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