PteroDynamics, a Colorado Springs, CO-based an aircraft design and manufacturing company that develops innovative vertical takeoff and landing (VTOL) aircraft, raised $7.5M in Seed funding.
The round was led by Kairos Ventures and new investors Lavrock Ventures and CS Venture Opportunities Fund.
The company intends to use the funds to develop larger Transwing aircraft variants, adding engineering talent, and execute on additional contracts.
Founded in 2017 by Dr. Val Petrov, Chairman, and led by Matthew Graczyk, CEO, PteroDynamics has developed a novel vertical takeoff and landing (VTOL) aircraft design called Transwing that folds/unfolds its wings during flight to transition between rotor wing and fixed wing configurations. It is protected by four issued and 14 pending patents in the U.S. and ten international jurisdictions.
PteroDynamics has gained significant recognition as a pioneer in aircraft design since its founding. The company has secured an Other Transaction Authority (OTA) contract with the U.S. Navy’s Naval Air Warfare Center Aircraft Division (NAWCAD) to supply three Transwing aircraft for its Blue Water Maritime Logistics UAS program. Additionally, the company has been awarded four SBIR/STTR contracts with the Air Force and has formal teamings and has sold multiple Transwing aircraft for test and evaluation to various U.S. defense contractors.