VC Fund Investments
Aviation startup BluJ Aero attracts $2.25 M from Endiya, Ideaspring, Rainmatter
Hyderabad-headquartered aviation technology startup BluJ Aero has raised USD 2.25 million in a seed funding round to develop a vertical take-off and landing (VTOL) aircraft powered by hydrogen fuel cell technology. The funding round was led by Endiya Partners and Ideaspring Capital, with participation from Rainmatter Foundation. The company's first equity funding round will help it accelerate the development of its first commercial product - a fully autonomous cargo e-VTOL aircraft, with a payload of over 100 kg, and long-range capability. It will also help the company hire talent, build facilities, and establish the testing infrastructure required for certification. BluJ Aero was founded in May 2022 by its chief executive officer Maruthi Amardeep Sri Vatsavaya, and chief technology officer Utham Kumar Dharmapuri. BluJ Aero's team of nine includes members who have previously worked for Boeing, GE, ISRO, Siemens, and Collins Aerospace. It plans to have 20 members on board by the end of 2023.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
