FutureFlight
UAE Backs Mayman's Plans for Speeder VTOL Air Utility Vehicle
The Tawazan Council's Strategic Development Fund is investing $3 million in the California start-up's work to certify the quad-bike-sized VTOL aircraft.
Mayman Aerospace's new Speeder Micro VTOL air utility vehicle.
Mayman Aerospace is preparing to start flight testing the Micro air utility vehicle, which is the latest addition to the Speeder family that could also include Cargo and Endurance Class models in addition to the initial mid-sized P2 version. (Image: Mayman Aerospace)

The United Arab Emirates’ Strategic Development Fund is investing $3 million in Mayman Aerospace’s plans to bring the remotely piloted Speeder VTOL aircraft to market. The capital injection announced on February 22 is the latest investment in the advanced air mobility sector by the venture capital arm of the Tawazun Council, which oversees the Gulf state’s sovereign wealth fund.

The full-scale P2 turbine-powered model, which Mayman refers to as an air utility vehicle, is expected to have a 1,000-pound payload. The company believes it will be able to fly up to 400 miles at over 500 mph and be used for a variety of applications, including cargo deliveries and military logistics. The California-based start-up said that the new funding from the UAE will support the Speeder’s ongoing flight test campaign as it aims for FAA type certification in 2024.