Karem Aircraft eVTOL Butterfly tiltrotor, USA.

Hanwha Systems $25M investment in California-based Overair — a spinoff of Karem Aircraft — reached its final approvals, the Korean aerospace systems giant announced on Jan. 15. With the investment, Hanwha now owns a 30% stake in Overair, which is developing the eVTOL Butterfly quad-tiltrotor for the Uber Elevate mission. According to The Korea Herald, “the close of Overair’s Series A funding round came immediately after it gained a ‘deemed export’ license from the Bureau of Industry and Securities in the US Department of Commerce. Earlier in December, the Committee on Foreign Investment in the US completed the deal review.”

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