Aerovel, manufacturer of Flexrotor, an advanced Group 2 vertical take-off and landing (VTOL) unmanned aircraft, announced that it has raised $2.5 million in Series B capital. The investment is from undisclosed leaders in aviation.
Aerovel is using the funds to accelerate growth, increase production capacity and hire additional engineers.
“These funds come at an important time in Aerovel’s growth,” said Ali Dian, CEO of Aerovel. “We are seeing excellent interest in Flexrotor from government and private users, and this investment round will enable us to quickly scale. We plan to raise additional funds later this year and more than double in size.”
Flexrotor is designed to operate with economics that are practical for commercial service while being effective for military applications. It can be used day or night for a diverse range of intelligence, surveillance, and reconnaissance on land and at sea. The aircraft offers an unprecedented combination of small size, large payload/range, economy, autonomy and basing flexibility.
Source: Press Release