PteroDynamics Raises $7.5 Million for Aircraft With Folding Wings

25.08.2023 - 14:04 / skift.com / Justin Dawes

Three travel tech startups have raised $13.3 million in venture capital this week.

>>PteroDynamics, a startup that designs and manufactures vertical takeoff and landing (VTOL) aircraft, has raised $7.5 million in Seed funding. It was co-led by existing investor Kairos Ventures and new investors Lavrock Ventures and CS Venture Opportunities Fund.

PteroDynamics said its aircraft, called Transwing, folds and unfolds its wings during flight to achieve different wing configurations, resulting in a smaller ground footprint and more effective performance than aircraft of a similar size and weight. This is critical for everything from drone delivery to air taxis with extensive government, defense, industrial, and commercial applications as well.

The Colorado-based company has secured contracts to provide three Transwing aircraft to the U.S. Navy, complete projects for the U.S. Air Force, and provide multiple aircraft for test and evaluation to various U.S. defense contractors.

“Our goal is clear: we want to be the established leader in VTOL aircraft for long-range and long-endurance missions in both the defense and commercial sectors. This investment will accelerate our ability to execute on that goal,” said Matthew Graczyk, CEO of PteroDynamics, in a statement. 

The capital will go toward developing larger Transwing aircraft variants, hiring, and securing more contracts. The company plans to adapt the aircraft for additional governmental purposes and for the commercial sector.

>>Apaleo, a hotel tech stack startup, has raised an extension of its Series A funding, bringing the total to $9.5 million (€9 million). The company had raised $5.3 million (€4.5 million) in Series A funding in March 2021. 

Rockaway Ventures and Serpentine Ventures led the round, with participation from returning investors Redalpine and Force Over Mass Capital and several industry angel investors.

The Germany-based startup’s platform streamlines operations for hotels and serviced apartments. The platform operates with an open application programming interface (API), meaning its products can be easily connected with other platforms. 

Clients include Numa, Mollie’s by Soho House, Mk Hotels, Zetter Hotels, Limehome, SV Group, HR Group, Vagabond Club, and Lindemann Hotels.

Apaleo said it grew annual recurring revenue by 100 percent in 2022 compared to the previous year. 

Germany as well as its continued internationalization throughout Europe

The funding will go toward further developing the product and expanding throughout Germany and Europe. 

“As a long-term investor in European online travel, we truly appreciate how well Apaleo addresses the current hospitality trends and changing demands of the modern customer. We believe Apaleo has