XTI Aircraft, a company that seeks to deliver a vertical take off and landing aircraft to a far wider audience, has now raised $1 million in an equity crowdfunding round on StartEngine. The goal is to raise $3 million in equity and the company is now “redoubling efforts” to help raise the remaining funds.
XTI, raising capital under Reg A+, initially launched a “Testing the Waters” (TTW) initiative earlier this year. Crowdfund Insider last reported the company had received over $20 million in non-binding interest from potential investors. According to the offering circular, XTI has until April 30, 2016 and time is running out. If the $3 minimum is not raised, all subscriptions will be refunded without deduction or interest. The $3 million is “essential” to accelerate development of their TriFin 600 aircraft. XTI states that, as of today, over 700 individuals have committed to fund the concept with investments ranging from $350 to $50,000.
XTI’s Chief Engineer Dr. Dennis Olcott, explained their intent to shift from a full scale flying prototype to a 65% subscale piloted technology would reduce costs and accelerate return to early shareholders.
“In order to fund these development plans, this phase of the campaign is focused on generating further participation from our supporters, increasing our conversion rate and reaching our $3 million goal,” stated XTI founder and Chairman David Brody. “For everyone who is excited by this groundbreaking spectacular airplane and wants to get in on the ground floor of bringing the TriFan 600 to market, now is the time to invest.”
XTI disclosed in its offering circular that the company will require approximately $75 million to $80 million to produce a proof of concept aircraft. The company will require an additional $325 million in additional funding after completion of the proof of concept.
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