Advanced air mobility firm BETA Technologies announced on October 31, 2024, that it had closed a $318 million Series C funding round.
The round, which was priced higher than its predecessors, was led by Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund. Some current shareholders, such as Fidelity Management and TPG Rise Climate, took the opportunity to increase their participation in the venture as well.
The additional funds take the total amount raised by BETA Technologies to date above the $1 billion mark.
BETA Technologies expects to be able to move forward with the certification process for its ‘ALIA’ aircraft.
Unlike other advanced air mobility startups, Vermont-based BETA Technologies has opted to minimize development risks by designing a conventional take-off and landing (CTOL) version of its electrically powered ‘ALIA’ aircraft. A vertical take-off and landing (VTOL) version is also being developed, with a view to introducing it at a later stage.
Likewise, BETA Technologies has focused on the development in-house of key elements of the aircraft system, such as its electrical propulsion and charging systems, while partnering with other aerospace companies to make other structural elements.
BETA Technologies has already been testing the ALIA in real flight conditions throughout the US, including at military facilities. The firm has also started the manufacture of the first production units at a greenfield new facility in Vermont, with a view to delivering the first units to customers within a few months.