Lockheed Martin Backs $40 Million Funding Round For Cargo VTOL Maker Elroy
Elroy has now raised $48 million and expects to have a complete prototype of its Chaparral autonomous cargo VTOL aircraft in flight test operations with the U.S. military during 2022.
Lockheed Martin Ventures is among the investors who this week backed a $40 million Series A funding round for autonomous VTOL cargo aircraft developer Elroy Air. The funding will support the California start-up’s efforts to bring the Chaparral large drone into commercial service for a variety of middle-mile express delivery and defense logistics applications.
The funding round takes the total capital raised by Elroy to $48 million. It was also supported by Marlinspike Capital and Prosperity7 Ventures, along with existing backers including Catapult Ventures, Diamond Stream Partners, Side X Side Management, Shield Capital Partners, and Precursor Ventures.
