Wave Engine Corporation Raises $3.5M in Financing Round

Wave Engine Corporation, a Baltimore, MD-based supplier of propulsion techniques and aerial automobiles, raised $3.5m in second Seed funding.

The spherical was led by Gula Tech Adventures with participation from Kevin Mahaffey, Abell Foundation, Maryland Momentum Fund, and Asymmetry Ventures.

The firm intends to make use of the funds to speed up development and increase operations.

Led by CEO Daanish Maqbool, Wave Engine Corporation is a centered group of scientists, engineers and former Fortune 500 executives leveraging technological developments in propulsion, acoustics, and combustion management to develop plane and propulsion techniques. Its expertise allows vital discount in the price and complexity of jet propulsion, making it sensible for all kinds of aviation platforms for which jet propulsion was beforehand cost-prohibitive.

The firm additionally introduced its new 7,500 sq. ft. facility in Baltimore metropolis to accommodate plans for future development centered round continued growth and manufacturing of engines and plane.

Wave beforehand raised $1.45m in a seed spherical of funding in 2018. This was adopted by a $2.85m funding by DARPA in 2019 and profitable flight demonstrations in 2020. In 2021, Wave Engine Corp. introduced a $1m contract with the USAF Armament Directorate to construct and exhibit an air-launched car as a part of the USAF’s efforts to develop high-impact applied sciences important to the way forward for aviation and aerial fight.

FinSMEs

21/11/2022

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