United States, April 14, 2021 — We are thrilled to announce H3X has raised $3.8M in seed funding led by Metaplanet, with participation from Soma Capital, Liquid2 Ventures, Psion Capital, Infinite Capital, Pegasus Tech Ventures, Lombardstreet Ventures, Tamar Capital, Zillionize, Asymmetry Ventures, and notable angels. This comes shortly after an investment from Y Combinator as part of the Winter 21 batch.
H3X is building the lightest electric propulsion systems in the world for aviation and the urban air mobility market. This is a key enabling technology for long range electric flights that are currently not possible. We have closed $105M in LOIs in the past four months, demonstrating very high demand for a product of this caliber.
We are on the cusp of a revolution in the aviation industry. Short-haul flights will soon be dominated by electric airplanes, which not only enable zero-emission air travel, but also reduce fuel and maintenance costs by up to 75%. Our mission at H3X is to be the world’s foremost supplier of aviation-grade electric propulsion systems and remove one of the main barriers blocking widespread commercialization of electric aircraft.
This seed money will be used to accelerate product development, grow our engineering team, expand our prototype and test capability, and move into a headquarter facility.
Some words from our investors:
Decarbonizing flight is hard, important, and exciting. It’s a race, and it’s all about energy and power density. That’s why we are so excited about H3X’s approach using new materials and integrated design that brings previously disparate components onto a single chassis. They’ve shown they can hit the figure of merit and their early customer list shows how hungry the market is for their motor. We feel delighted to be backers of such an amazing team.
— Mike Miller, General Partner at Liquid2 Ventures
We invest in deeply technical teams and the H3X founders are absolutely exceptional. We believe their extensive industry backgrounds (ex-Tesla and SpaceX) combined with their ambitious vision positions H3X as the startup to disrupt the electric motor market.
— Mendy Yang, Investor at Soma Capital
H3X with its strong founding team and well thought out technical approach is ideally positioned in making air travel greener. Their propulsion system scalability enables them to tackle the holy grail of electric air travel — the long-haul flights market.
— Rauno Miljand, Investment Manager at Metaplanet
H3X’s high-efficiency electric motors are helping bring about an all-electric future, and we are thrilled to be along for the ride.
— Satu Parikh, Managing Partner at Psion Capital