Silicon Valley startup Poseidon Aerospace has successfully closed a $60 million Series A funding round. This investment comes as the company anticipates the first test flight of its uncrewed cargo plane, named Egret, by the end of 2026.
The funding round was led by early-stage VC firm TQ Ventures, with new investments from Hanwha Asset Management, G Squared, and JAWS. Existing investors Starship Ventures, Draper Associates, and Drover Ventures also participated.
Poseidon Aerospace, co-founded by David Zagaynov and Parker Tenney, aims to improve cargo transport by removing pilots from the equation. The company's aircraft, including Egret and its seaplane variant Heron, are fixed-wing and powered by combustion engines, eschewing vertical takeoff and landing technology, hydrogen, or electric powertrains.
The startup plans to initially target the defense and regional commercial cargo sectors. For commercial operations, Poseidon intends to operate its own regional air cargo business, competing with existing carriers. Zagaynov stated that not requiring pilots allows for lower operating costs and potentially more flexible routes, as aircraft are not constrained by pilot hours or locations.
Poseidon Aerospace has expanded into an old Navy hanger in Alameda, California, and is preparing for a hiring spree as it moves towards its first flight. The company previously developed and flew a quarter-scale version of its vehicle, Seagull.