Wed. Nov 30th, 2022

Wave Engine Corp. raises $3.5M in latest financing round

North American Wave Engine Corporation, a Baltimore-based manufacturer of propulsion systems and aerial vehicles, Friday announced it has raised $3.5 million in a second seed round of investment led by Gula Tech Adventures.

Other participating investors include Kevin Mahaffey, the Abell Foundation, the Maryland Momentum Fund and Asymmetry Ventures. The company also announced its new 7,500-square-foot facility in Baltimore to accommodate plans for future growth centered around continued development and manufacturing of engines and aircraft.

Wave Engine Corp. is developing a low-cost, fuel-versatile and sustainable jet propulsion technology that requires no moving parts for operation. The company’s engine technology utilizes pressure waves, instead of rotating machinery, to generate thrust for aircraft propulsion. With reduced production costs and lower maintenance requirements, the compelling economics of the propulsion technology has significant implications for both commercial and defense aviation sectors.

The company previously raised $1.45 million in a seed round of investment in 2018. This was followed by a $2.85 million investment by DARPA in 2019 and successful flight demonstrations in 2020.

In 2021, Wave Engine Corp. announced a $1 million contract with the USAF Armament Directorate to build and demonstrate an air-launched vehicle as part of the Air Force’s efforts to develop high-impact technologies critical to the future of aviation and aerial combat.


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