DENVER -- XTI Aircraft today announced it raised $1 million in equity crowdfunding on its way to obtaining $3 million in investments in its TriFan 600 vertical takeoff plane.
XTI said the $3 million milestone is essential to fund important next steps in an accelerated development program that includes flying a 65 percent subscale piloted technology demonstrator of the TriFan 600 within two years.
“The move from a full-scale flying prototype to this subscale will trim a year from the development schedule,” said XTI’s Chief Engineer Dr. Dennis Olcott.
“It will reduce cost and accelerate the return on equity to shareholders without compromising technical development or performance.”
An operational propulsion jet stand that will house the engine, drive-train system, fans and flight controls is also planned for the short-term, XTI said, contingent on funding.
XTI’s equity crowdfunding initiative has garnered more than $20 million in expressed interest and more than 700 individuals have converted that amount into $1 million so far, with investments ranging from $350 to $50,000 each.
“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,” said 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.”
Brody said all current and future shareholders will have the ability to buy and sell XTI shares, valued at $1 per share in the current offering, on a public market.
The ongoing investment opportunity is not only open to those who had signed up and expressed interest in investing in XTI previously, but to all investors around the globe, the company said.
Shares may be purchased at:www.startengine.com/startup/xti
By applying existing technologies in a revolutionary new configuration, XTI said the TriFan 600 combines the speed, range and comfort of a business jet with the ability to take off and land like a helicopter.