Bye Aerospace this week raised a further $10 million to support the development of its all-electric eFlyer family of fixed-wing light aircraft. The U.S. company announced on July 13 that an undisclosed venture capital group has invested $5 million and that this was supplemented by an additional $5 million venture raise.
According to founder and CEO George Bye, the additional capital has allowed the Denver-based startup to start working on the first production-conforming prototype of its two-seat eFlyer 2 model. He reported that while the two new transactions had been closed during Covid-19 restrictions, the investors had conducted due diligence and planning before the pandemic escalated.
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