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Why The Inventor Of The Predator Drone’s Electric Aircraft Startup Is Stumbling
14.03.2024 - 10:37 / forbes.com
In the early 1990s, Abraham Karem developed the Predator drone, a deadly aircraft that transformed modern warfare and birthed a market estimated to be $14 billion this year. For the past 30 years, the “dronefather” has been hard at work with Pentagon funding on his second act: technology to make more efficient, longer-flying helicopters and other rotorcraft.
The 86-year-old’s last, best shot at commercializing it may be Overair, his startup developing an electric air taxi for urban commuting. But things at Overair are not going well, Forbes has learned. With progress on its first prototype moving slower than promised, the Irvine, Calif.-based company is running low on capital, according to two industry figures familiar with the situation and two recently departed employees, who spoke to Forbes anonymously citing non-disclosure agreements. Meanwhile, employees — including multiple C suite level executives — have stampeded for the exit. The two former employees said the majority of staff, which peaked at around 180, have left in the last few months.
They said the company’s sluggish pace, which they attributed to slow decision-making by CEO Ben Tigner and the board, has frustrated its sole outside investor, the South Korean industrial conglomerate Hanwha, which has poured $170 million into Overair. The company is also struggling to attract other investors. Two industry sources said Overair had approached other electric aircraft developers, targeting partnerships or potentially a sale.
Overair, which was spun out of Karem’s primary company Karem Aircraft in 2019, is seeking to develop an electric-powered aircraft that takes off and lands vertically like a helicopter but otherwise flies like an airplane. Overair has touted Karem’s rotor technology as what will enable it to outperform dozens of other companies like publicly traded Joby and Archer that are attempting to build similar aircraft, with the aim of enabling lower-emission urban and regional commuting by air.
But Overair’s struggles could be a warning sign of trouble ahead for startups in the space, including some that have gone public, like Lilium and Vertical Aerospace. Many have raised enough money to develop a prototype, but it’s unclear if any have enough to get them through the expensive gauntlet of testing and safety certification of a finished aircraft, as well as establishing manufacturing facilities.
Overair did not respond to multiple requests for comment. Hanwha spokeswoman Jenna Ji declined in an email to Forbes to comment on “baseless rumors.” She wrote that Hanwha employees are currently deeply involved at Overair, including helping to develop the company’s electric propulsion.
But an exodus from Overair appears to be under way. Two
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