Bye Aerospace Secures $10 Million In Funding
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Bye Aerospace, developer of the all-electric eFlyer family of FAA Part 23-certified aircraft, announced completion of a $5 million strategic investment by a venture capital group earlier this year. The successful investment was soon followed by the completion of a $5 million venture raise.
Bye Aerospace is developing the FAA FAR 23-certified family of all-electric eFlyer general aviation aircraft, starting with the two-seat eFlyer 2, for the professional flight training mission and the eFlyer 4 for air-taxi and advanced training uses.
All of Bye Aerospace’s current and future families of aircraft do not produce CO2 and are designed to answer market needs including five-fold lower operating costs, zero emissions, and decreased noise. Bye Aerospace estimates the eFlyer will eliminate the release of five million metric tons of CO2 each year for flight training alone.
“Since raising the $10 million we have completed critical design review in early June and are now underway with multiple test flights of the eFlyer 2 technology demonstrator,” said Bye Aerospace CEO George Bye. “Next, we will be solidifying our supply chain relationships to begin assembly on Serial #001, the first production-conforming eFlyer 2 aircraft.”
Previously, in late 2018 Bye Aerospace completed a major investment by SUBARU-SBI Innovation Fund.
