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JetZero announced on Tuesday that it has raised approximately $175 million in its Series B financing.
The funding round was led by B Capital, along with United Airlines Ventures, Northrop Grumman, 3M Ventures, Trucks VC and RTX Ventures. The company has raised secured commitments of over $1 billion, including government grants, incentives and commercial commitments. The money will be used in the development of JetZero's full-size demonstrator prototype.
The Demonstrator is designed to have 30% better aerodynamics when compared to traditional tube and wing aircraft and is planned to perform its first flight in 2027. The design would reduce aerodynamic losses by allowing most of the airframe to contribute to lift, according to Air Data News. It is a prototype of the Z4, the first commercial all-wing plane. JetZero claims the Z4 will have 50% better fuel efficiency than average due to its all-wing design and can travel routes up to 5,000 nautical miles. JetZero plans to have the aircraft serve as a middle ground between high-density single-aisle aircraft and larger twin-aisle aircraft, as it can hold approximately 250 passengers at once.
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"The strength and diversity of our investor base reflects the momentum behind JetZero and the industry's readiness to reshape the future of aviation," said Tom O'Leary, JetZero co-founder and CEO. "This round brings together key strategic partners across the value chain from demand to supply to implementation, including United Airlines Ventures and RTX Ventures, as well as longtime supporters of JetZero from our Series A financing and a new, lead investor in B Capital, focused on innovative, resilient technology. Together, we are delivering an efficient aircraft that elevates the passenger experience, drives American leadership in advanced manufacturing and exports, and strengthens the aviation supply chain."