Archer Aviation, a San Jose, CA-based aviation technology company, raised additional $430M in additional equity capital.
Backers included Stellantis, United Airlines, and new investors, including Wellington Management and Abu Dhabi investment holding company 2PointZero, a subsidiary of UAE’S largest listed entity, IHC.
The company intends to use the funds to develop a new aircraft for defense applications.
Led by Adam Goldstein, Founder and CEO, Archer is designing and developing technologies and aircraft necessary to empower the aviation sector. Archer ended Q3’24 with $502M of cash and cash equivalents on its balance sheet and this raise brings Archer’s total capital raised to nearly $2B to date.
Anduril and Archer (NYSE: ACHR) also announced a partnership to jointly develop a hybrid VTOL aircraft for critical defense applications targeting a potential program of record from the DOD.
FinSMEs
13/12/2024