New Zealand-based Vessev, a manufacturer of electric hydrofoiling vessels, yesterday announced $19 million in Series A and follow-on financing, and named its first U.S. commercial customer, FlyTahoe, a water transit network operator in Lake Tahoe, Calif.
The funding was led by Blackbird Ventures, one of Australia’s leading venture firms. New investors GD1 and Rypples joined the round alongside existing investors K1W1, Icehouse Ventures, Shasta Ventures, NZVC and existing angel investors.
The capital will accelerate in-house serial production of Vessev’s VS-9 line, expand the company’s global market team, advance development of its on-board software and telemetry platform, accelerate the development of larger vessels, and support plans to manufacture in the United States.
“Hydrofoiling doesn’t just make boats better; it redefines what’s possible on water,” Vessev co-founder and CEO Eric Laakmann said in a press release. “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 U.S. customer, FlyTahoe, to help communities rethink mobility on the lake, offering a faster, more reliable alternative.”
Vessev plans a series of U.S. demonstrations in New York City, Washington, D.C., and Lake Tahoe.
