Transcend Air has announced it is seeking USD 20m to build and fly its first full-scale prototype of the six-seat, tilting VY 400 air taxi, the company said.
Transcend´s co-founder said the coronavirus outbreak has delayed the funding effort but has not dampened enthusiasm among investors for the single-engined Vy 400. The programme has been funded to date by seed investors, but the company said it hopes to raise USD 20 million in its first funding round, planned for the second half of the year if the Coronavirus crisis has subsided. This money should be enough to fund the programme through to first flight of the full-scale Vy 400 prototype, pegged for early 2022.
The Vy 400 is designed to disrupt both the VIP helicopter and the city-to-city business travel market. Powered by a single 1,700shp (1,300kW) Pratt & Whitney Canada PT6A-67F turboshaft, the Vy 400 is projected to have a cruise speed of 350kt (650km/h), a range of up to 400nm (725km) and a full-fuel payload of 570kg (1,250lb).
Transcend Air is a vertical take-off and landing (VTOL) aircraft developer.
Two electric-powered one-fifth-scale models have been in flight testing since September 2018 where they have demonstrated transition from vertical to horizontal flight and undergone hover testing.
Transcend hopes to partner with an established aircraft manufacturer to help develop the programme and bring the final product to market.