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Elroy Air Raises $40MM Series A Financing

Investors back the California-based aerospace company, where Kofi Asante, A17, leads Strategy and Business Development.
Elroy vertical take-off and landing (VTOL) aircraft taxis over cargo. (Photo courtesy of Kofi Asante)

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Elroy Air, the Aerospace and Logistics company developing the world’s first end-to-end autonomous vertical take-off and landing (VTOL) aerial cargo systems, has raised a $40MM Series A financing from Marlinspike Capital, Lockheed Martin Ventures, and Prosperity7 Ventures alongside continued backing from existing investors including Catapult Ventures, DiamondStream Partners, Side X Side Management, Shield Capital Partners and Precursor Ventures. The fresh financing brings Elroy Air’s total investment raised to date to $48MM.

“Rapid logistics has exponentially grown over the last couple of years. We believe that building an autonomous VTOL logistics system that does not require additional infrastructure can play a vital role enabling rapid delivery for commercial, defense and humanitarian logistics” said Kofi Asante, VP of Business Development and Strategy. 

Read the full piece on Medium here.