A Mason-based startup building a single occupancy, ultralight aircraft – which its owners can operate sans pilot license – has launched a crowdfunding campaign to raise millions to fuel its future growth.
Ryse Aero Technologies, which is developing and manufacturing an ultralight electric vertical takeoff and landing (eVTOL) vehicle, is issuing up to $5 million in common stock. The company announced the effort this week via Toronto-based crowdfunding platform DealMaker.
Ryse said the funds would be used to fuel its next phase of business expansion, including ramping up manufacturing efforts around its flagship product, the Recon, an eVTOL capable of taking off and landing on water.
The company is targeting agriculture, recreation and other applications.
The goal is to make flight accessible to all.
“We have built this vehicle with the consumer in mind, and we think everyone will identify with the Recon immediately," Mick Kowitz, CEO of Ryse Aero Tech, said in a news release.
Kowitz and team launched the company in 2021. The Recon was first introduced in May 2022 and currently retails for $150,000 plus tax and delivery.
The aircraft has up to a 20- to-25-mile range with the ability to reach a top speed of 63 mph. The Recon operates under Part 103 of Federal Aviation Administration regulations, meaning it can be flown without a full pilot's license.
The company has suggested a maximum altitude of 400 feet above ground level, although it can go higher.
Since Ryse celebrated its first manned flight test last August, more than 600 flights have been conducted using multiple Recons – helmed by pilots and non-pilots alike.
Ryse said the crowdfunding campaign will serve two purposes: It will help establish and optimize its manufacturing processes to meet the sales demand. Ryse said the aircraft can be mass-produced with a low cost of maintenance.
The company will also enhance Recon’s development.
In terms of hiring, the plan is to bring on manufacturing workers in late 2023. Currently Ryse has around 15 full-time employees with four part-timers.
In its crowdfunding docs, Ryse said it has more than $39 million in pre-orders.
It called the agronomy, land surveying, agriculture, vineyards and other rural sectors “untapped markets” for eVTOLs.
“There is a real ROI (return on investment) to be gained for the customer that often is missing from disruptive technology,” Ryse said. “The additional value of knowing they will use the product on private land and have a history of maintaining and respecting equipment was part of the decision.”
In the CEO role, Kowitz brings 30 years of experience in software development and tech innovation. He’s served as president and CEO of ClinMunications, an artificial intelligence communications provider serving hospitals, since November 2017. Prior, he was the chief technology officer and a director of ClinGenuity, a company that developed automation for clinical trial reporting.
Also on the senior leadership team is Kurt Freyberger, Ryse’s chief financial officer and treasurer.
Freyberger most recently was CFO of Total Quality Logistics, a truck brokerage and the region’s largest private company. He left in January 2022.
Freyberger has also served as CFO for Cris Collinsworth’s Pro Football Focus, which specializes in football data compilation and analysis, and Cincinnati Bell.
