ICON Aircraft, a Los Angeles, CA-based consumer sport plane manufacturer, has closed a $25m equity funding round.
The round was led by Satyen Patel and Bart Becht, with participation from Eric Schmidt (chairman of Google), Phil Condit (former chairman/CEO of Boeing), and other Silicon Valley venture capitalists.
The company will receive $15m initially, with an option for an additional $10m.
ICON intends to use the funds to complete its ongoing engineering development program, manufacturing setup, and start production of its A5 amphibious sport plane.
In conjunction with the funding, Satyen Patel and Bart Becht will join the board.
ICON is led by CEO Kirk Hawkins, who founded the company along with Steen Strand in 2005.