Air Speeder Utility Vehicle Maker Mayman Aerospace Scores Investment from UAE Strategic Development Fund

UAE’s Strategic Development Fund Invests $3M in Mayman Aerospace

by DRONELIFE Staff Writer Ian M. Crosby

Tawazun’s investment arm, Strategic Development Fund, is investing $3 million in Mayman Aerospace through its venture capital program.

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A JetPack Aviation Corp. brand, Mayman Aerospace is the US-based manufacturer of the Speeder Air Utility Vehicle (AUV). As part of its investment strategy in dual-use technologies applicable to defense and civilian sectors, SDF recognizes Speeder’s status as a unique new class of high-performance VTOL aircraft.

Speeder offers a groundbreaking mix of portability, speed, payload, and range performance owing to the vectored thrust of its gimbaled turbine engines. The aircraft’s high performance is enabled by the energy density of jet fuels like sustainable aviation fuel. The funding will be allocated to advance the Speeder flight test program and further the vehicle’s certification process.

“We recognize that Mayman Aerospace has demonstrated unique competence in this highly complex engineering. SDF believes Speeder will deliver valuable, practical applications for defense forces in the very near future,” said Mohamed Musabah Al Mazrouei, Director of Investments and Portfolio Management. “The optimization of Speeder’s existing propulsion control system, which can be adapted to future technologies, combined with its flexible operating capabilities influenced our decision to invest.”

“As part of our strategic mandate, we look forward to exploring and developing synergies through our portfolio of related investments and partnership in aerospace, defense and autonomous sectors that would in turn potentially support the development of a family of primarily defense-focussed Speeder Air Utility Vehicles,” continued Al Mazrouei. “We are also assessing a partnership to set up a Speeder manufacturing center in Abu Dhabi, including flight test, manufacturing, sales, and distribution throughout the MENA region.”

“This investment is testament to SDF’s trust in Mayman Aerospace and belief in our unique technology. Speeder’s potential to support multiple military applications is unparalleled and with the new investment we can transition our high-speed VTOL aircraft from flight test to robust commercialization,” said Mayman Aerospace founder and CEO David Mayman. “The possibilities are limitless, and we are delighted that SDF understands the incredible potential. We look forward to working with them to advance the new era of aviation for the military, civil and commercial sectors.”

Read more:

• Mayman Aerospace Wins AFWERX Grant for Speeder Air Utility Vehicle, Ultra Compact VTOL
• Speeder AUV by Mayman Aerospace Like a Motorbike with Jet Engines, More Power than an Electric Drone
• FAA Announces US and Korea Will Partner on Advanced Air Mobility Certification, Operations
• VPorts Developing First International AAM Corridor Linking US and Canada
• Urban-Air Port Funded by Hyundai’s Supernal: Integrating AAM into Transit Networks

Ian attended Dominican University of California, where he received a BA in English in 2019. With a lifelong passion for writing and storytelling and a keen interest in technology, he is now contributing to DroneLife as a staff writer.