Doroni Aerospace is one step closer to bringing "flying cars" to anyone with a garage.
The Coral Springs startup reports it has a $159 million valuation after raising $1.07 million from 916 investors on StartEngine, an equity crowdfunding platform. That's 11 times more than its previous valuation of $14 million.
“We began this raise with such an intentionally low valuation, it almost seemed crazy at the time," said founder and CEO Doron Merdinger. "The big idea was to grow our community and provide our early adopters with the best deal possible, and I’m proud to say we’ve achieved that goal.”
Doroni Aerospace builds electric vertical takeoff and landing (eVTOL) vehicles designed for individual consumers. According to the company, its go-to-market Doroni H1 eVTOL uses a simplified control system that makes it possible for anyone with a driver's license to operate after completing a training course. The vehicle has a 60-mile range and travels at a maximum speed of 140 miles per hour.
Before the raise, Doroni reports it designed, built and successfully tested a 643-pound, single-seat prototype that can fit in a home garage. It's a faster – and greener – alternative to driving cars in areas with heavy traffic congestion.
"Our mission is to transform intra-city transportation in a sustainable manner," the company stated on its StartEngine page.
But it will cost you. The Doroni H1, expected to hit the commercial market in late 2024, will retail for anywhere between $195,000 to $250,000. It will be able to park and charge in a standard two-car garage.
It's among at least half a dozen eVTOL companies that have established a presence in South Florida. So far, most of the ventures have focused on building air taxi businesses in the Miami area by the end of the decade. South Florida's traffic and lack of public transit infrastructure makes it an attractive market for eVTOLs, which take off vertically like a helicopter and then fly like a regular plane.
Morgan Stanley estimates the urban air mobility industry could be worth as much as $1.5 trillion by 2040, with passenger travel expected to account for most of that market.
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