In what it said was part of its quest to end a worldwide shortage of pilots, Zurich-based VRM Switzerland has rebranded itself as Loft Dynamics and raised US$20 million in the process. The company, which made what it said is "the world's first and only virtual reality (VR) simulator authorized by a major aviation regulator", raised the cash in what was its first institutional round, which was led by Craft Ventures, Sky Dayton, and Up Ventures.
The largesse is to be used to "accelerate Loft Dynamics' growth into international markets", with a focus on the US, and could set the company yup to expand as a pilot shortage reaches "crisis point".
"After many years in development, we are ready to expand Loft Dynamics to become a global company and bring our technology and training solutions to the world," said Fabi Riesen, co-founder and chief executive of Loft Dynamics. "We will be able to meet the escalating demand for flight schools and accelerate the range of aircraft types we support", Reisen added.