AIR Raises $23M to Scale U.S. Operations and Expand eVTOL Production

Funding supports delivery of uncrewed cargo aircraft and personal flight vehicles as U.S. pushes advanced air mobility

AIR, an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft, has secured $23 million in Series A funding to support U.S. expansion, production scaling, and continued delivery of its uncrewed cargo aircraft. The round was led by Entrée Capital, with participation from longtime investor Dr. Shmuel Harlap.

Supporting a Growing U.S. Market for Advanced Air Mobility

The new funding aligns with growing federal support for advanced air mobility (AAM) in the United States. A recent Executive Order has highlighted the government’s commitment to accelerating eVTOL production and integration. In addition, a new FAA rule under the Modernization of Special Airworthiness Certification (MOSAIC) expands the Light Sport Aircraft category to include eVTOL models like AIR ONE, the company’s piloted aircraft.

“This funding solidifies AIR’s path forward and enables us to continue fulfilling the promise we made to our customers,” said Rani Plaut, CEO and co-founder of AIR. “We have no doubt that with Entrée Capital’s backing and knowledge, we will be able to deliver our advanced air mobility solutions to the market even faster than before.”

Delivering Real Aircraft, Not Just Concepts

AIR is one of the few OEMs already delivering aircraft and generating revenue in the AAM sector. In 2023, it fulfilled its first customer orders for the uncrewed cargo model. The company has since established a U.S. operations center, where it works toward FAA certification and collaborates with the U.S. Air Force’s Agility Prime program.

“We have tracked AIR from its initial founding to the point where it has achieved full flight operations across commercial (logistics), consumer, and defense applications,” said Avi Eyal, Managing Partner at Entrée Capital. “The platform designed is an engineering marvel that has multiple modalities… and it will revolutionize existing use cases for air transportation.”

Two Aircraft, One Unified Design

AIR produces two eVTOL aircraft: an autonomous cargo model and the AIR ONE, a piloted two-seater designed for personal transportation. Both models feature folding wings and a compact footprint that allow them to be parked in a standard car-sized space.

The cargo eVTOL supports a 550-pound payload and up to 70 cubic feet of cargo space. With a top speed of 120 knots and a 100-mile range, it’s designed to support logistics, disaster response, and remote operations. Its intuitive ground handling system enables fast loading and integration with current supply chains.

AIR ONE, the personal flight vehicle, offers high-performance capabilities and comfort for general aviation users. Both aircraft share core systems, enabling cross-platform upgrades.

Positioned for Growth

With over 2,500 pre-orders for the AIR ONE and 15 uncrewed cargo eVTOLs scheduled for delivery in the next year, AIR is poised to play a central role in the future of electric aviation. Its strategy combines proven manufacturing practices from the automotive industry with patented hardware and software to reduce costs and streamline operations.

More information about AIR and its aircraft is available at https://www.airev.aero/.

Read more:

• MightyFly Demonstrates Autonomous eVTOL Cargo Capabilities for U.S. Air Force [VIDEO]
• Executive Order Lifts eVTOL Stocks, Tackles Regulatory Barriers, but Leaves Technical Challenges
• Project ULTRA Secures Contract Boost to $100M and Launches Weekly Cargo Drone Flights