Poseidon Aerospace raises $60M ahead of first pilotless test flight

M&A · Partnership
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Summary · why it matters

Poseidon Aerospace has closed a $60 million Series A funding round ahead of the first test flight of its uncrewed cargo plane, Egret, expected by the end of this year. The round was led by TQ Ventures, with new investments from Hanwha Asset Management, G Squared, and JAWS, and participation from existing backers Starship Ventures, Draper Associates, and Drover Ventures. The startup, founded by CEO David Zagaynov and Parker Tenney, previously secured $11 million in seed funding last year. Poseidon is developing fixed-wing aircraft powered by combustion engines, avoiding vertical takeoff and landing and electric or hydrogen powertrains, to lower cargo transport costs. The company targets defense and regional commercial cargo markets, planning to operate its own air cargo service rather than sell aircraft, and has expanded into a Navy hangar in Alameda, California, to build its full-size, 50-foot-wingspan aircraft.

Impact on stocks 2

Advanced Air Mobility (eVTOL) · 1 stocks
Defense & Geopolitical Fragmentation · 1 stocks

Theme Impact 2

Off-coverage companies 7

Poseidon AerospacePrivate▲ Positive
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Poseidon Aerospace closed a $60M Series A funding round led by TQ Ventures ahead of its first pilotless test flight.

Draper AssociatesPrivate± Mixed
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Drover VenturesPrivate± Mixed
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G SquaredPrivate± Mixed
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Jaws VenturesPrivate± Mixed
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Starship VenturesPrivate± Mixed
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TQ VenturesPrivate± Mixed
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