MOFFETT FIELD, Calif., Sept. 9, 2015 /PRNewswire/ -- skyTran™ Inc., a NASA Space Act company headquartered at the NASA Ames Research Center, announced the closing of its Series A investment by Innovation Endeavors, Eric Schmidt's leading Silicon Valley venture firm. skyTran will use this round of funding to expedite and continue its global roll-out.
skyTran is the developer of a patented, high-speed, elevated, energy-efficient Personal Rapid Transit (PRT) system. The skyTran system consists of a network of computer-controlled, levitating, "jet-like" vehicles that use skyTran Mag-Lev (STML™) technology. skyTran will transport passengers above the surface traffic and without stopping at other people's stations. skyTran intends to revolutionize public transportation and, with it, urban and suburban commuting.
In parallel with its worldwide projects, skyTran is building a Technology Demonstration System (TDS) on the corporate campus of Israel Aerospace Industries. The TDS will enable continuous testing, monitoring, and improvement of skyTran's unique technology in a controlled environment.
About Innovation Endeavors:
Innovation Endeavors is an early-stage venture capital firm partnering with startups that apply cutting edge technology to transform large industries. The firm builds proprietary industry networks and runs a dedicated global team to create value for its portfolio companies. Innovation Endeavors has offices in Silicon Valley and Israel, and is solely backed by Eric Schmidt, the Executive Chairman of Google.
If you would like more information about this topic or to schedule an interview with skyTran CEO, Jerry Sanders, please contact Roger Margulies at 650-319-8619, [email protected].
SOURCE skyTran Inc.