skyTran, Inc., a NASA Space Act company headquartered at the NASA Ames Research Center, closed a Series A funding.
The round, whose amount was not disclosed, was led by Innovation Endeavors, Eric Schmidt’s leading Silicon Valley venture firm.
The company intends to use the funds to expedite and continue its global roll-out.
Led by CEO Jerry Sanders, skyTran develops a patented energy-efficient Personal Rapid Transit (PRT) system, which consists of a network of computer-controlled, levitating vehicles that use the company’s technology to transport passengers above the surface traffic and without stopping at other people’s stations. In parallel with its worldwide projects, skyTran is building a Technology Demonstration System (TDS) on the corporate campus of Israel Aerospace Industries that will enable continuous testing, monitoring, and improvement of the technology in a controlled environment.