The developer of flying vehicles Hoversurf has raised funding from entrepreneur Ismail Akhmetov at an estimate of $ 30 million, Popular Mechanics magazine writes. The parties did not disclose the amount of the transaction.
The investor decided to buy a stake in the company because of its transition to the final phase of testing aircraft electric motors using the Venturi effect, the newspaper writes. A team of engineers created and filed a patent for a functional prototype of an engine that is safer, more compact and quieter than propellers.
Thanks to the investments, the company plans to commercialize the results of research and development work, and “thereby make our country a leading state in the segment of autonomous flying vehicles,” said Alexander Atamanov, founder of Hoversurf.
“Hoversurf is well positioned to revolutionize private and commercial transportation like taxis. It is a great feeling to participate in a story that will change the world,” Ismail Akhmetov said.
The history of the company began in 2016, when it presented the first model of the Scorpion 1 hoverbike. The main competitors of Hoversurf are E-volo, Lilium Jet and EHang. In contrast, the company uses the already existing transport infrastructure.
The company has two offices - in Russia prototypes of devices are assembled, and in the USA the company has a test site for certification and a showroom where Hoversurf demonstrates prototypes to potential partners.
In 2017, the company struck a deal with the Dubai Police: Hoversurf gave it its first production S3 2019 hoverbike and began training officers to fly it. The company also signed a cooperation agreement with motorcycle manufacturer Yamaha.
In addition to Ismail Akhmetov, the co-founder of Qiwi Sergey Solonin, the Starta Ventures fund, business angels Nikolai Belykh, Evgeny Medvednikov, Maxim Korobov invested in the project. According to the Kontur.Fokus database, 62.1% of OKB Hover LLC belongs to Atamanov, 14.4% to Elena Korobova, 9% to Solonin, 8.4% to Belykh. Another 4.4% belongs to the Starta Ventures structure, 1% belongs to Andrey Soloviev and 0.6% belongs to Anna Zhurba.
As of February 2019, the project has attracted approximately $ 2.4 million in investment - for the preseeding and seed rounds. For 2019, the company had zero revenue, and the loss amounted to 15.4 million rubles, follows from the data of Kontur.Fokus.