Start-up aircraft developer JetZero has raised an additional $175 million in Series B financing to accelerate development of its full-size demonstrator aircraft.
JetZero says that development of the blended wing-body (BWB) Z4 demonstrator is tracking with the company’s goal of achieving first flight in 2027.
The Long Beach,California-based company said on 13 January that it has so far secured financial commitments exceeding $1 billion – a total including commercial agreements and government grants and incentives.
The Series B funding round is led by B Capital, a global private investment firm focused on supporting breakthrough technologies. United Airlines Ventures, Northrop Grumman, 3M Ventures and RTX Ventures have also provided more funding, according to JetZero.
”Together, we are delivering an efficient aircraft that elevates the passenger experience, drives American leadership in advanced manufacturing and exports, and strengthens the aviation supply chain,” says Tom O’Leary, JetZero’s co-founder and chief executive.
JetZero is seeking to challenge the global airframer duopoly of Airbus and Boeing with an “all-wing” aircraft large enough to carry 200-250 passengers.
The company’s Z4 design could represent a major leap forward in airliner efficiency, but major obstacles – namely, sky-high development costs – remain in JetZero’s way.
Last year, JetZero secured a conditional order for up to 200 Z4 aircraft from United Airlines, contingent upon JetZero hitting certain development milestones. It has also partnered with Delta Air Lines to study cabin layouts enabled by the BWB design, and received funding from Alaska Airlines in a Series A funding round that closed in 2023.
In August 2023, it landed a $235 million contract with the US Air Force to build a full-scale demonstrator – and to fly the aircraft in 2027.
