Elroy Gets $40M from Lockheed and Others
Elroy Air — the San Francisco, California-based aerospace and logistics startup developing an end-to-end autonomous eVTOL aerial cargo system — has completed a $40M Series A financing round from Marlinspike Capital, Lockheed Martin Ventures and Prosperity7 Ventures, alongside continued backing from existing investors, including Catapult Ventures, DiamondStream Partners, Side X Side Management, Shield Capital Partners and Precursor Ventures. The additional funding brings Elroy Air’s total investment raised to-date to $48M. Elroy’s Chaparral is a transitioning “lift + cruise” eVTOL aircraft — six vertical lift propellers and a single pusher propeller — using a hybrid-electric powertrain. The first version of the Chaparral will carry 300–500 lb (135–225 kg) of cargo over a 300-mile (482-km) range; it features an autonomous cargo pod load/ unload capability.