Wave Engine Corporation Raises $3.5M in Financing Round

Wave Engine Corporation

Wave Engine Corporation, a Baltimore, MD-based provider of propulsion systems and aerial vehicles, raised $3.5m in second Seed funding.

The round was led by Gula Tech Adventures with participation from Kevin Mahaffey, Abell Foundation, Maryland Momentum Fund, and Asymmetry Ventures.

The company intends to use the funds to accelerate growth and expand operations.

Led by CEO Daanish Maqbool, Wave Engine Corporation is a focused group of scientists, engineers and former Fortune 500 executives leveraging technological developments in propulsion, acoustics, and combustion control to develop aircraft and propulsion systems. Its technology enables significant reduction in the cost and complexity of jet propulsion, making it practical for a wide variety of aviation platforms for which jet propulsion was previously cost-prohibitive.

The company also announced its new 7,500 sq. ft. facility in Baltimore city to accommodate plans for future growth centered around continued development and manufacturing of engines and aircraft.

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