LaunchPoint, a Goleta aerospace start-up, announced Wednesday that it surpassed its original seed funding goal, which gives the firm the ability to move forward on its innovative projects and expand its staff.
The startup launched in June 2020 as a spinoff of the former design incubator LaunchPoint Technologies. The firm develops hybrid-electric generators and technology to power cargo drones and small air taxis, which is largely regarded as the future of air transportation.
Since its inception, LaunchPoint has signed multiple contracts with aerospace and automotive firms all over the world and secured a $1 million-plus grant from the U.S. Department of Defense to develop technology for hybrid-electric flight and flying cars.
Local investors in the Santa Barbara area are helping to fund the company’s future projects, and the firm’s leaders said they are looking forward to a strong year with their customers in 2021.
“The success of our seed funding round confirms what we see every day, that there’s significant interest in our technology and the advanced air-mobility propulsion solutions we provide,” Rob Reali, LaunchPoint’s CEO, said in a statement. “Investors clearly have confidence in our business plan, management team, and talented engineers. This funding accelerates production for existing orders and will bolster our ability to manufacture products in quantity and expand our operations.”
With some of the funding collected from investors, the firm hired two new team members: Cyrus “Cy” Morici as chief financial officer and Dr. Burton Tripathi as a board member.
Prior to LaunchPoint, Mr. Morici was the CFO for Pacific Design Technologies, which designs and manufactures components for the commercial and defense aerospace industry. Dr. Tripathi is currently the general manager and head of visualization R&D at Alcon, a company that specializes in eye care.