Electric vertical takeoff and landing (eVTOL) aircraft developer AIR has raised $23 million in Series A funding. The round was led by Entree Capital, with participation from businessman Shmuel Harlap and an initial banker of Mobileye, who has been an investor in AIR since its inception.
The funding will allow AIR to further scale its eVTOL aircraft production in support of a growing number of purchase orders and accelerate its US expansion efforts.
"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're proud to have demonstrated our ability to succeed with lean operations, generating significant revenues in the eVTOL space while operating efficiently. We have no doubt that with Entree Capital's backing and knowledge, we will be able to deliver our advanced air mobility solutions to the market even faster than before."