Singapore-based Aerial Mobility startup H3 Dynamics has secured US$26 million funding in Series B round led by Toyota Motor and Sumitomo Mitsui Banking Corporation backed- SPARX Mirai Creation Fund.
Other investors include the investment arm of Singapore Economic Development Board-EDBI, Capital Management Group, Audacy Ventures, the Grosvenor Group, French Strategic investors ATEQ, and Ascent Hydrogen.
With this fresh funding, the startup will focus on accelerating its global mission to decarbonize air mobility. The company is looking at expanding its sales and engineering teams in Austin, Texas and Toulouse, France. In Austin, the company ships and produces complete hydrogen drones, integrated aerial fuel cell propulsion and refuelling units. In Toulouse, H3 Dynamics develops larger hydrogen systems, carries out test flights, and works on hydrogen aircraft integration.
“We are delighted to welcome such an experienced and supportive group of investors as we embark on the next stage of our journey,” said Taras Wankewycz, founder and CEO of H3 Dynamics. “Our investors share our big-impact vision, and how we get there safely. They recognize that this is a long journey, and that we must first address our immediate markets while solving key technical and regulatory challenges – before adding more complexity.”
David Wu, President at Ascent Hydrogen Fund commented: “Air mobility is one of the hardest, yet most important industries to decarbonize. H3 Dynamics is ideally placed to overcome this challenge. It is already generating revenue with a clear path to profit using a scalable software as-a-Service model, while also benefiting from two decades of ultra-light hydrogen fuel cell system development. Thanks to its unique approach and its strong ecosystem across industries and geographies, we believe H3 Dynamics is best positioned to scale its solutions and outgrow the market.”
About H3 Dynamics
Founded in 2015 by Taras Wankewycz, H3 Dynamics is a global advanced air mobility technology company. The startup has a fifteen year advanced Research & Development track record in hydrogen flight, beginning with a NASA-backed program in 2006 through its HES Energy Systems unit.
H3 Dynamics is developing its first phase of autonomous drone services across mega-cities in the Asian continent to bring together new long-range hydrogen-air mobility applications.
The company’s first line of business is a software business solution that automates drone software and hardware solutions through one unified cloud platform. The startup sells autonomous outcomes as a service across various industries throughout the globe, including Canada, the US, Latin America, Singapore, France, Australia, Hong Kong, and Japan.
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