Funding

[Funding alert] Cosmic Aerospace Secures $4.5 Million in a Seed Round Funding

Feb 7, 2024 | By Startup Rise EU

Cosmic Aerospace secures $4.5 million in a seed round funding to accelerate the development of the world’s first electric aircraft capable of flying up to 1,000 kilometers (more than 600 miles), representing a step change in range among current electric aircraft offerings.

Cosmic Aerospace secures $4.5 million in a seed round funding to accelerate the development of the world’s first electric aircraft capable of flying up to 1,000 kilometers (more than 600 miles), representing a step change in range among current electric aircraft offerings.

Instead of relying on future battery improvements, Cosmic is focusing its engineering efforts on the development of a highly efficient airframe and propulsion system, unlocking flight ranges that elevate electric aircraft from a niche product into the mainstream aviation market.

Read also - British Biotech FA Bio Raises €6.1 Million in Funding

The company has already built and tested a full-scale operational electric engine in record time. The new funds will boost the development of Cosmic’s unique embedded wing design, a key enabler for achieving the breakthrough energy efficiency that the company is targeting.

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Christopher Chahine, co-founder and CEO of Cosmic, asserts that the technology exists to build long-range electric aircraft, but needs to be developed into a commercial product that is certifiable in current and future regulatory frameworks.

Read also - Dutch AI Startup Whispp Secures €750k in Seed Funding

The seed round was led by climate tech-focused venture capital firm Pale blue dot with participation from deep tech and fellow climate tech investors including Aera VC, Visionaries Club TOMORROW, Fifty Years, Possible Ventures, Syndicate One, Course Corrected, Understorey Capital and Samurai Incubate.

Joel Larsson, General Partner at Pale blue dot said, “We are incredibly impressed by the pragmatic development approach the team at Cosmic has demonstrated and are convinced that this is the right way forward to enable a truly meaningful decarbonization of aviation. We are excited to back Cosmic and believe the team has what it takes to lead the aviation industry into a sustainable future”.

Cosmic is in conversation with various airlines and other key stakeholders across the aviation industry. The team brings a unique blend of experiences across technology, industry, and certification, which puts them in an exceptional position to lead the transition toward sustainable electric aviation.

Read also - Lyon-based ENYO Pharma Secures a €39 Million in Series C Round Funding

About Cosmic Aerospace

Cosmic Aerospace is an electric aviation startup building the future of zero-carbon air travel. Founded by alums of Boom Supersonic, NASA, Oxford, and Kittyhawk, Cosmic is designing technologically advanced and highly efficient aircraft and engines specifically for electrifying air travel.

Read also - Tallinn-based Tuum Secures €25 Million Series B Round Funding

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