Bye Aerospace says it completed a $5 million strategic investment by a venture capital group earlier this year. That investment was followed by the completion of a $5 million venture raise. Bye Aerospace is the developer of the all-electric eFlyer family of FAA Part 23-certified aircraft.
George E. Bye, CEO, of Bye Aerospace, said in a news release the investments have allowed Bye Aerospace to begin work on “Serial #001,” the first production-conforming prototype of its two-seat eFlyer 2 aircraft.
Bye noted that although the two financial transactions successfully closed during coronavirus restrictions, much of the due diligence and planning was completed before the COVID-19 pandemic escalated. “Since raising the $10 million we have completed critical design review in early June and are now underway with multiple test flights of the eFlyer 2 technology demonstrator,” he said. “Next, we will be solidifying our supply chain relationships to begin assembly on Serial #001, the first production-conforming eFlyer 2 aircraft.”