MightyFly Raises $10M for Autonomous Cargo Drones
Autonomous logistics startup MightyFly has raised $10 million to scale production of its autonomous eVTOL cargo aircraft, bringing its total funding to $15 million. The company is targeting the defense logistics market and reports having $300 million in contracts. The new capital will support its expansion into providing logistics services for defense and commercial clients.
- MightyFly was awarded a $1.25 million SBIR Phase II contract by the U.S. Air Force's AFWERX innovation arm to develop its Autonomous Load Mastering System (ALMS). This system enables the aircraft to autonomously load, unload, and deliver cargo without human intervention. - The company's third-generation aircraft, the "Cento," is a hybrid-electric VTOL designed to carry a 100-pound payload up to 600 miles at a cruising speed of 150 mph. A future model is planned with a 500-pound cargo capacity. - Key investors in the latest funding round include Draper Associates, At One Ventures, and 500 Global. MightyFly has previously received backing from other firms such as Global Founders Capital and Halogen Ventures. - Beyond its defense-related contracts, MightyFly has secured a $50 million, five-year contract with a healthcare diagnostics provider and a $220 million, 20-year Letter of Intent for intra-island delivery services. - The company has already developed three full-scale aircraft, completed over 400 autonomous flights, and generated more than a million dollars in revenue. - The Federal Aviation Administration (FAA) has granted MightyFly a Special Airworthiness Certificate and approved a flight corridor for testing between California's Byron and New Jerusalem airports. - The company's founder and CEO is Manal Habib, an aerospace engineer with degrees from MIT and Stanford. The leadership team also includes Damen Cheung, former head of multiple software teams at Boeing, who now leads software and avionics.
