Odys Aviation, Formerly Craft Aerospace, Secures $12.4M in Seed Funding to Take The Friction Out of Travel
The funding round will significantly expand the company's footprint with a new state-of-the-art development facility, and accelerate prototype aircraft development
10 Feb, 2022, 09:00 ET
LONG BEACH, Calif., Feb. 10, 2022 /PRNewswire/ -- Odys Aviation (formerly Craft Aerospace), the innovative aircraft startup making hybrid-electric vertical takeoff and landing (VTOL) aircraft for regional mobility, is excited to announce a $12.4M seed funding round. This funding will be instrumental in expanding the company to meet its anticipated goal of making door-to-door regional travel simpler, faster, cheaper, and greener. The round also included strategic investment from Giant Ventures, Soma Capital, 11.2 Capital, Countdown Capital, Uber Elevate co-founder Nikhil Goel and Cruise Automation founder Kyle Vogt.
Odys Aviation, a Y Combinator (YC) S21 company with $13.7M in total funding, is accelerating development to join the top-tier of the regional VTOL market. Odys Aviation's aircraft uses a patented VTOL architecture and a flap based lifting technology that allows for a simple transition to lofted flight and more efficient cruise, which the company will demonstrate via a one passenger prototype aircraft this year. The seed funding round will help expand the company's physical footprint with a new state-of-the-art facility, as well as expand their executive leadership and engineering teams. Co-founder Axel Radermacher will take on a new role as Head of Product to assure the company's VTOL product exceeds the needs of the customer and the market.
"Traveling shouldn't be a painful experience, and it certainly shouldn't be taking a toll on our environment and communities," said James Dorris, Co-founder & CEO. "Odys Aviation is building an aircraft that reduces CO2 by up to 80 percent while eliminating travel pain. Beyond and distinct from air taxis, our range covers 65% of domestic flights, and we're proud to be getting so much traction with airlines so soon after inception."
Odys Aviation's hybrid-electric VTOL aircraft will carry nine passengers and have a maximum speed of 345 mph (555 km/h), a range of 1,000 miles (1,609 km), and a cruise altitude of 30,000 ft (9,144 meters). This design, combined with the use of city helipads, municipal airports, and future vertiports, cuts travel time in half on the world's busiest travel corridors and offers total trip cost competitive with existing travel options. The aircraft's speed, range, and size is uniquely suited for high volume operators. The company expects type certification in 2026
"Airlines flying Odys Aviation will unlock new market opportunities and a superior travel experience via new point-to-point routes," said Axel Radermacher, Co-founder & Head of Product. "Additionally, they will strengthen their existing networks by broadening the catch basin of existing hubs and airports. We are designing the aircraft with input from major airlines to make sure we are a good fit for their operations. Our customers expressed the need for a high productivity, low CO2 aircraft, and we listened."
Current investors in Odys Aviation include Y Combinator, Brogan BamBrogan and Pedram Keyani.
"This truly unique aircraft is on track to reimagine travel as we know it," said Tommy Stadlen, Co-Founder and General Partner, Giant Ventures. "Led by a world class team of industry pioneers, Odys Aviation is creating systemic change in the way we travel. This will eliminate the frustration and long hours spent in traffic and at airports, as well as the detrimental impact that planes and cars have on the planet. This is exactly the type of ambitious, purpose-driven innovation Giant was set up to fuel."
"I'm excited about Odys Aviation because their concept uniquely complements eVTOL by focusing on regional transportation between cities, not just within them," said Nikhil Goel at Moving Capital (Uber alumni syndicate).
For more information, visit www.odysaviation.com.
About Odys Aviation
Odys Aviation is an advanced air mobility startup that was established in 2019 to make travel seamless and sustainable. The innovative company is building vertical take-off and landing aircraft for the world's busiest travel corridors. With a mission to make door-to-door regional travel smooth, sustainable, and affordable, Odys is transforming aviation to bring everyone closer to everything.
SOURCE Odys Aviation
Share this article