VTOL aircraft startup Odys Aviation raises $12.4M

California-based Odys Aviation has raised a seed funding round of $12.4 million to develop its hybrid-electric vertical takeoff and landing (VTOL) aircraft.

The funding comes from Giant Ventures, Soma Capital, 11.2 Capital, Countdown Capital, Nikhil Goel and Kyle Vogt.

Odys Aviation, founded in 2019 as Craft Aerospace, is developing VTOL aircraft that will carry nine passengers and have a range of 1,000 miles and a speed of 345 mph. The company says this design, combined with the use of helipads, municipal airports and future “vertiports” will make “door-to-door regional travel simpler, faster, cheaper and greener.”

“Traveling shouldn't be a painful experience, and it certainly shouldn't be taking a toll on our environment and communities,” says James Dorris, co-founder and CEO of Odys Aviation.

“Odys Aviation is building an aircraft that reduces CO2 by up to 80% while eliminating travel pain. Beyond and distinct from air taxis, our range covers 65% of domestic flights, and we're proud to be getting so much traction with airlines so soon after inception.”

The company will use the funding to develop a new production facility and grow its leadership and engineering teams. It plans to demonstrate a one-passenger prototype aircraft later this year. 

“Airlines flying Odys Aviation will unlock new market opportunities and a superior travel experience via new point-to-point routes,” says Axel Radermacher, co-founder and head of product.

“Additionally, they will strengthen their existing networks by broadening the catch basin of existing hubs and airports. We are designing the aircraft with input from major airlines to make sure we are a good fit for their operations. Our customers expressed the need for a high productivity, low CO2 aircraft, and we listened.”