Detroit-based Airspace Experience Technologies (ASX) is launching a side-by-side Regulation CF and Regulation D Series Seed funding campaign via equity crowdfunding platform SeedInvest. Proceeds of the seed round will be used to help the aviation technology startup acquire key automotive EV technology, build a series of full-scale prototypes and initiate Federal Aviation Administration certification.
ASX’s is trying to develop a cleaner, faster and affordable transportation alternative in support of Uber Technologies Urban Air Mobility program, UberAir. The company is developing an electric vertical take-off and landing tilt-wing (eVTOL) aircraft affectionately dubbed MOBi-One. The goal is to produce and operate fleets of safe and reliable aircraft that will make smart cities even smarter, vastly reduce commute times while producing zero operational emissions.
ASX plans to deliver 2,500 aircraft by 2025, with cargo deliveries starting in 2023 and passenger service by 2024, contingent upon additional capital infusion and FAA certification. Traffic congestion cost Americans nearly $87 billion in 2018, or an average of $1,348 per driver, based on the 2018 Global Traffic Scorecard from INRIX. The solution is elevating commuters to the sky with electric vertical take-off and landing aircrafts.
“Our vision is to move you up to five times faster than driving for the same cost per mile — giving you more time to be productive,” ASX co-founder Jon Rimanelli said in a statement. “By leveraging our deep knowledge of automotive EV technology, mass production, aviation and deep space reliability, we will make personal air travel more affordable for everyone.”
Studies estimate that by 2035, global air travel-based inspections, goods and passenger services has the potential to be a $74 billion market, said ASX co-founder and Chief Product Officer Anita Sengupta, adding that passenger transportation will be more than 40 percent of that market opportunity.