New Zealand-based hydrofoil technology company Vessev has raised $19 million in funding to enable the company to expand in the US.
The company has also secured its first US commercial customer, FlyTahoe.
The funding was led by Blackbird Ventures, an early backer of Canva and one of Australia’s leading venture firms.
The new capital will be used to accelerate in-house serial production of Vessev’s VS–9 vessel line, expand the company’s marketing team and advance development of its onboard software and telemetry platform.
Vessev also plans to accelerate the development of larger vessels, and begin manufacture in the United States.
As it expands in the US, the company plans to work with US-based shipbuilders while continuing to design, engineer and build its core technology in-house, including foils, hardware, and flight control systems.
New era
Lake Tahoe welcomes more than 15 million visitors annually and FlyTahoe is aiming to provide a service transporting people over water instead of around it.
“This technology unlocks an entirely new era of sustainable water transit – offering a faster alternative to Tahoe’s infamous traffic while helping preserve the lake’s famous clarity,” explained Ryan Meinzer, founder and CEO of FlyTahoe.
“We’re proud to be Vessev’s first US customer and to add the VS–9 to our growing fleet of electric hydrofoiling vessels.”
Eric Laakmann, co-founder and CEO of Vessev, added: “Hydrofoiling doesn’t just make boats better, it redefines what’s possible on water,”
“By combining electric propulsion, advanced foiling systems, and software, we’re making vessels significantly more efficient, better for passengers and more scalable for operators.
“Lake Tahoe is an ideal place to demonstrate our technology and we’re excited to work with our first US customer, FlyTahoe, to help communities rethink mobility on the lake, offering a faster, more reliable alternative.”
Vessev’s electric hydrofoiling technology allows vessels to ‘fly’ above the water, eliminating hull drag and producing virtually no wake.
The foil systems are inspired by America’s Cup racing designs and dynamically adjust to changing conditions up to 100 times per second.
The VS–9 is a ten-passenger, battery-electric vessel with a range of up to 40 nautical miles with a full load, and 50 nautical miles with a light load.
