Unmanned Aerial Vehicle The latest drone news
By WaveAerospace, Inc. | September 28, 2023
WaveAerospace, Inc. designs and manufactures multirotor aircraft capable of flying in weather conditions too dangerous for other aircraft.
With a pre-money valuation of $40MM, WaveAerospace’s first venture financing will support scaling production of its existing aircraft and the full commercialization of its most powerful rotorcraft, the Huntress II hybrid electric Turbojet. According to WaveAerospace, the round was oversubscribed. The total raise was not disclosed.
Co-founder and CEO Mark Strauss, a pilot since before he could drive, says, “The Huntress flies like no other aircraft in existence. It is a new Class of aircraft.”
Every aircraft WaveAerospace has designed has surpassed its design specifications. The company’s patented and pending patent aircraft designs allow them to overcome the innate physical limits of existing rotorcraft. With a top speed above Mach 0.4 (approximately 300 mph), the 4-meter Huntress Turbojet is already in demand. Available for preorder now, it is expected to begin shipping in late 2024. Co-founder Steve Bofill says. “We now have the revolutionary aircraft our market is asking for. The global pent-up demand is pulling us forward.”
“The results are astonishing,” says Strauss. The Huntress’ cruise speed will initially be software-limited to Mach 0.4; the aircraft is capable of cruising much faster. Strauss will not say how fast.
The round was led exclusively by Augurey Ventures, LLC, in New Jersey and Florida. Brookline Capital Markets, a Division of Arcadia Securities, LLC in New York, acted as the exclusive placement agent.
“Our belief is that one of the fastest growing sectors in the next decade will be the drone space. We’ve been investing heavily here, as well as the defense industry. WaveAerospace’s exceptional management team, cutting-edge technology, and their ability to customize in today’s market are just a few reasons we believe they have an unfair advantage over the competition.” says Cris Palacios, Managing Partner, Augurey Ventures, LLC.
WaveAerospace is proud of the relationships we’ve forged throughout this process and build upon the insights our partners share. General. H. Norman Schwarzkopf said, “You can’t help someone get up a hill without getting closer to the top yourself.” “Great scalable businesses demand scalable relationships,” says Strauss.
