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Vermont-based eVTOL startup Beta Technologies has secured US$375 million in its latest series B funding round, the company recently announced.
With TPG Rise Climate and Fidelity Management and Research Company leading the investment round, Beta said it will use the funds to continue to develop the company’s integrated electric aviation system. This includes advancing flight testing for its Alia-250 eVTOL aircraft, further refining its electric propulsion systems, and expanding its multimodal charging infrastructure.
“This support allows us to complete the construction of our production facilities and accelerate our certification work to create a greener and more efficient future for all applications of aviation, starting with cargo and logistics and moving to passenger missions immediately thereafter,” said Kyle Clark, Beta’s founder and CEO, in a press release.
The funding announcement comes after the company reached a key milestone with the U.S. Air Force last month when two Air Force pilots flew the Alia aircraft, achieving the first crewed flight of an electric aircraft through the Agility Prime program.
The flight marked a significant achievement for not only the Air Force but also Beta’s work in the program since receiving the first airworthiness approval for a crewed electric aircraft in 2021.