Beta Technologies closes funding round with $375 million
US electric aerial vehicle developer Beta Technologies has raised US$375 million from investors in its latest Series B funding round. Beta intends to use the funds to further develop its electric aerial system.
Specifically, the company, based in South Burlington in the US state of Vermont, wants to continue flight testing its Alia 250 eVTOL, further refine its electric propulsion systems and expand its charging infrastructure. The latest round of funding was led by TPG’s Rise Climate Fund and Fidelity. It brings the startup’s valuation to $2.4 billion, according to a report in Forbes.
“This support allows us to complete the construction of our production facilities and accelerate our certification work to create a greener and more efficient future for all applications of aviation, starting with cargo and logistics and moving to passenger missions immediately thereafter,” said Kyle Clark, Beta’s founder and CEO.
Last year, Beta Technologies had already closed a US$368 million Series A funding round and won a contract from UPS Flight Forward. According to Forbes, Beta raised around 800 million dollars to obtain approval for the Alia eVTOL aircraft from the Federal Aviation Administration.