Investors sought for US$50m in startup
Print Edition
XTI Aircraft, a Denver-based aerospace startup firm, has launched an equity crowdfunding campaign to raise US$50 million to fund the production of the TriFan 600, a six-seat fixed wing jet that can take off and land like a helicopter.
XTI was founded in 2009 by David Brody, the former chairman and chief executive officer of AVX Aircraft Co, who developed and patented the concept for the new business jet.
The company’s leaders include Jeffrey Pino, the former president of Sikorsky Aircraft, a unit of United Technologies Corp that is being sold to Lockheed Martin Corp, and Charles Johnson, the former president of Cessna, the business jet maker owned by Textron Inc.
The group’s chief engineer is Dennis Olcott, the former chief engineer at Adam Aircraft, and for the PiperJet program.
XTI launched the equity crowdfunding campaign under new rules approved by the US Securities and Exchange Commission in March. Equity crowdfunding is when private investors fund startup companies in return for equity.
It is also seeking venture capital, private equity and high net worth investors for the project.
The company said its financing approach would allow both accredited and non-accredited investors to support XTI Aircraft by reserving non-binding equity in the company.
“We fully expect that investors, especially crowdfunders and those with an interest in aviation, will be drawn to the idea of having their own ‘Kitty Hawk’ moment by being part of a truly new aircraft program that will change flight as we know it,” XTI said on Tuesday.
In development for over two years, XTI is designing the TriFan 600 to become the first commercially certified high-speed, long-range vertical takeoff and landing airplane. The aircraft can fly as fast and as high as current business jets, but able to land and take off from any paved, helipad-sized space.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
