Skyryse, an El Segundo, California-based aviation automation startup, has raised more than $300 million in a Series C investment, pushing its valuation to $1.15 billion and into unicorn territory.
The round, which was announced Tuesday and led by Autopilot Ventures, provided a multi-million-dollar accelerant for the startup as it nears the end of a lengthy Federal Aviation Administration certification process for its flight control system. The capital will also be used to integrate its operating system, known as SkyOS, across numerous aircraft, including U.S. military Black Hawk helicopters.
Other investors in this round include Fidelity Management & Research Company, ArrowMark Partners, Atreides Management LP, BAM Elevate, Baron Capital Group, Durable Capital Partners, Positive Sum, Qatar Investment Authority, RCM Private Markets Fund managed by Rokos Capital Management, and Woodline Partners. The startup, which was founded in 2016, has raised more than $605 million in equity capital.
Skyryse has made inroads with investors as well as the U.S. military, emergency medical service operators, law enforcement, and private operators for its simplified flight system. The startup has stripped out dozens of mechanical flight controls like gauges and switches and replaced them with a system containing several flight computers that automate the more complicated and dangerous aspects of flying.
This is not a fully autonomous system; a pilot must still handle the operations. But it's designed to automate the trickiest aspects of flying, enhance the skills of pilots, and improve safety.
That simplicity and ease of operation -- a literal swipe of the finger on a touchscreen -- has won over companies like United Rotorcraft, Air Methods, and Mitsubishi Corporation, which have contracts with Skyryse to integrate SkyOS on a variety of helicopters and airplanes.
Skyryse started building and testing its system on helicopters, one of the most unstable aircraft to operate. But the idea is that SkyOS can be be applied to any aircraft. That initial operating system, known as Skyryse One, automates takeoff and landing and fully automates hover and engine-out emergency landings. The company has since integrated the operating system on Black Hawk helicopters.
Skyryse has made progress on its certification process with the Federal Aviation Administration. Last year, the FAA granted final design approval for the company's SkyOS flight control computers. Skyryse must now complete formal flight testing and verification to achieve full certification.
