Equity crowdfunders are gearing up for what they hope to be the first commercially certified vertical-takeoff-and-landing (VTOL) plane. XTI Aircraft Company has secured upwards of $10 million in reserved shares to develop the TriFan 600.
With two turboshaft engines and three rotating ducted fans, the TriFan 600 design should take off like a helicopter and fly like an airplane, cruising at altitudes of about 30,000 feet. The anticipated VTOL aircraft will carry five passengers in addition to a pilot, and will cruise at about 340 knots, with a range of 800 to 1,200 nm.
XTI is taking advantage of the new Securities and Exchange Commission rules, which allow up to $50 million in seed money to be sourced through crowdfunding. While its initial approach to gauge interest in the TriFan 600 is unique, XTI is also raising funds the traditional way — through venture capital, private equity and accredited investors.
“The public response has been tremendous so far,” said XTI Vice Chairman Jeff Pino. “We will file with the SEC in the next few months and, once approved, will allow participants to turn expressions of interest into share purchases.”
Get exclusive online content like this delivered straight to your inbox by signing up for our free enewsletter.