Vessev raises $19M Series A, enters US with FlyTahoe deal
What's the deal? VessevDealroom has a profile for this one. Try Dealroom →, an Auckland-based marine technology company, has raised a $19 million Series A led by Blackbird Ventures, with participation from other institutional and angel investors. Alongside the round, it is entering the US market through a partnership with FlyTahoeDealroom has a profile for this one. Try Dealroom →, its first US customer.
What's the endgame? Vessev builds the VS–9, an electric hydrofoiling vessel that glides above the water to cut drag and wake. The company will use the funding to scale VS–9 production, expand marketing, and develop its onboard telemetry and software platforms.
Why now? The round ranks in the 95th percentile of all-time Series A rounds by New Zealand companies, out of a sample of 128 — an outsized raise for the region. It arrives as Vessev makes its US debut with public showcases in New York, timed to New York Climate Week, followed by Washington DC's Navy Yard and Lake Tahoe.
The partnership: FlyTahoe, a water transit operator, plans to deploy VS–9 vessels to ease congestion around Lake Tahoe, which draws more than 15 million visitors a year. Chief executive officer Ryan Meinzer said the technology ushers in "a new era of sustainable water transit."
The product: The VS–9's foil systems adjust to conditions in real time for a smoother ride. Vessev plans to work with US-based shipbuilders while keeping core technology development in-house.
The signal: Maritime transport has seen little innovation for decades. Vessev's raise and US entry mark a bet that electric hydrofoiling can move that market toward cleaner, faster water travel.
Read more: third-news.com
Image credit: Vessev
