New funding from Lightspeed and gradCapital supports Airbound’s mission to transform last-mile delivery through cost-effective and efficient drones.
Drone technology startup Airbound has raised $1.7 million in a seed round led by venture capital firm Lightspeed, with additional backing from gradCapital. This funding will help Airbound further develop its innovative TRT delivery drone, designed for greater efficiency and affordability in last-mile logistics. Airbound’s patented design aims to make drone delivery a cost-effective solution for a wide range of industries, starting with medical supplies.
Drone delivery is economically viable
The drone delivery sector is often hampered by regulatory hurdles and high costs per kilometer, limiting its potential as a mainstream logistics solution. Airbound aims to address these challenges with its unique “blended wing body tailsitter” design, known as TRT, which aims to dramatically reduce delivery costs. With the TRT model, Airbound expects to reduce delivery costs to just a few cents per mile. and CEO of Airbound. He emphasized that the startup focused on weight reduction, safety and efficiency to set new industry standards. “We selected every vehicle system to reduce weight, increase safety and reliability, and maximize efficiency,” he said. Thanks to innovative carbon fiber manufacturing methods, Airbound has reduced the weight of the drone’s airframe from 6 pounds to just 400 grams. This focus on efficiency has resulted in a product three times lighter than conventional alternatives with four times the aerodynamic efficiency, significantly reducing both initial and operating costs. .
From a high school project to a transformative solution
Pushpa’s journey with drones began as a high school project that later evolved into a full-fledged company when he decided to turn down an offer from Carnegie Mellon University to focus solely on Airbound. With early support from gradCapital, Pushp spent four years perfecting the TRT design. Today, Airbound drones have traveled thousands of kilometers and demonstrated the potential of their approach.
Hemant Mohapatra, Partner at Lightspeed, expressed confidence in Airbound’s potential: “Drones are the future of delivery and we are very optimistic about the potential of this game-changing technology to revolutionize logistics. Our investment in Airbound aligns with our mission to support founders who can identify gaps in the market and pioneer breakthrough products to address them.
Focus on practical applications in healthcare and food delivery
Airbound’s initial market focus is on medical supplies, such as the routine transportation of blood samples from medical centers to laboratories. This focus offers a critical testing ground for the technology, with plans to expand into food and grocery delivery once the model is established. Airbound believes its drone design will open up new possibilities for cost-effective delivery in markets that could benefit most from accessible logistics.
Timing and market opportunity
Airbound technology is entering the market as regulatory and technological hurdles have been gradually resolved, making it an ideal time to develop cost-effective drone delivery. Public interest in drone technology is also growing, with many eager to see drones take on a larger role in everyday logistics.
For more information, visit the Airbound website or follow their updates on LinkedIn and X.