VC Fund Investments
Intracity aerial mobility co The ePlane Company raises $5-M from Micelio, others
Chennai-based The ePlane Company (TEC), an aerial mobility solutions provider, has raised USD 5 million in pre-series A funding led by existing investor Speciale Invest and EV/Climate focussed fund Micelio. A consortium of other investors including Naval Ravikant, 3one4 Capital, UTEC (University of Tokyo Edge Capital), Anicut Capital, Infoedge, Prashant Pitti (co-founder of Easemytrip), Thought Ventures, Java Capital, and Firstcheque.vc also participated in the round. Launched in 2019, TEC is the brainchild of aerospace engineering professor Satya Chakravarthy and his student Pranjal Mehta. The company aspires to build a compact flying taxi, called the e200 for passengers, as well as cargo transport that could help reduce congestion on the roads and emissions from ground transport and lower the risk of road accidents. The startup has already test flown the lab-scale prototype of the e200 and is on course to do a full-scale prototype in April 2022.
From the Venture Intelligence PE-VC Deal Database: In Mar-21, TEC had raised USD 1 million in a seed round led by Speciale. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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