Burbank-based Odys Aviation Inc., which is developing a hybrid gas-electric vertical takeoff and landing aircraft, announced Feb. 10 that it has received $12.4 million in seed funding.
Odys Aviation — formerly known as Craft Aerospace — is applying a rarely used wing technology to the aircraft it is developing that would allow for more stable vertical takeoffs and landings. Its goal is to fly the aircraft between smaller airports or even to helicopter landing pads.
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Odys’ technology centers on wing flaps that can be adjusted to alter air flow and generate more lift. The system has a simpler transition from hover to fixed-wing flight and is less complex than other vertical takeoff and landing aircraft, according to co-founder and Chief Executive James Dorris.
So far, Odys has only built a few small prototype aircraft. But with the seed funding, the company plans to further refine the aircraft design, start building full-size prototypes and then test them. Odys is aiming to achieve federal certification for its hybrid-electric vertical takeoff and landing aircraft by 2026.
The company has also recently executed a lease to move from its current location in Burbank to a larger facility at Long Beach Airport, according to Radermacher. The move is slated for early May.
Investors in this seed funding round included Mountain View-based Y Combinator Management, London-based Giant Ventures and San Francisco-based Soma Capital.
