Poseidon Aerospace has secured $60 million in a Series A funding round led by TQ Ventures. New investors include Hanwha Asset Management, G Squared, and JAWS, with participation from existing backers Starship Ventures, Draper Associates, and Drover Ventures. The company previously raised $11 million in seed funding last year.
The startup is developing an uncrewed cargo aircraft named Egret, with its first test flight scheduled for the end of 2026. The company is also working on a seaplane variant called Heron. Both models are fixed-wing aircraft powered by traditional combustion engines, avoiding electric or hydrogen powertrains.
By removing the cockpit and life support systems, the company aims to reduce aircraft weight and improve payload efficiency. The design focuses on lowering transportation costs to compete with established air cargo carriers like UPS and FedEx. Poseidon plans to operate its own regional air cargo business rather than selling the aircraft.
The company targets the defense and regional commercial sectors, specifically aiming to serve remote areas with limited infrastructure. Poseidon has established operations in a former Navy hangar in Alameda, California, to accommodate the construction of its full-size aircraft, which features a 50-foot wingspan.
