Cosmic Aerospace raises $4.5M for electric aircraft development

13-02-24

Cosmic Aerospace, an innovative aerospace startup with roots in both the United States and Europe, has successfully secured $4.5 million through a seed funding round to propel the development of its groundbreaking electric aircraft. The company aims to pioneer the creation of the world's first electric aircraft with the capability to traverse distances exceeding 600 miles, a milestone in aviation technology.

Unlike other ventures that may wait for advancements in battery technology, Cosmic Aerospace is taking a proactive approach by concentrating its resources on the development of a highly efficient airframe and propulsion system. The company has achieved significant progress in this area, having constructed and tested a fully operational electric engine on a full scale.

The injection of new capital will significantly enhance the company's efforts to refine its innovative embedded wing design. This design is crucial for achieving the high levels of energy efficiency required for their zero-emission aircraft, which is designed to accommodate up to 24 passengers. Cosmic Aerospace is on schedule to launch a full-scale flight demonstrator by 2026, with ambitions to commence service by the end of this decade.

Christopher Chahine, the co-founder and CEO of Cosmic, expressed confidence in the existing technology's potential to forge long-range electric aircraft. However, he emphasized the necessity of evolving this technology into a commercially viable product that meets the stringent requirements of both current and future regulatory standards.

The fundraising round was spearheaded by Pale Blue Dot, a venture capital firm with a focus on climate technology, and saw contributions from a diverse group of investors specializing in deep tech and climate technology. These include Aera VC, Visionaries Club Tomorrow, Fifty Years, Possible Ventures, Syndicate One, Course Corrected, Understorey Capital, and Samurai Incubate.

Joel Larsson, a general partner at Pale Blue Dot, lauded Cosmic Aerospace's pragmatic and focused approach to development. He voiced his conviction that Cosmic's strategy is the key to facilitating significant strides towards the decarbonization of aviation. Larsson's enthusiasm for supporting Cosmic Aerospace stems from his belief in the team's capability to lead the aviation sector towards a sustainable future, underscoring the broader industry's growing commitment to environmental responsibility and innovation.