BluJ Aero, an aerospace startup, has successfully raised more than $2 million in a seed funding round led by Endiya Partners and Ideaspring Capital, with participation from Rainmatter Foundation. The funding will be utilized to develop a vertical take-off and landing (VTOL) aircraft powered by hydrogen fuel cell technology.
The startup, which aims to create a fully autonomous cargo e-VTOL aircraft with a payload capacity of over 100 kg and long-range capabilities, considers this funding as its first equity investment towards developing its inaugural commercial product. Additionally, BluJ intends to expand its workforce, establish testing infrastructure, and enhance its facilities to progress swiftly towards approval.
Established in 2022 by Maruthi Amardeep Sri Vatsavaya, BluJ currently consists of a team of nine members with backgrounds from renowned organizations like Boeing, GE, ISRO, Siemens, and Collins Aerospace. The startup plans to grow its team to 20 members by the end of 2023.
Dinesh Pai, representing Rainmatter Foundation, expressed his enthusiasm for BluJ’s innovative approach to addressing carbon emissions in freight transport. He stated, “Freight transport by road is a significant contributor to carbon emissions. BluJ has taken an interesting route to solving the problem, by working on hydrogen-powered electric aircraft.”
BluJ aims to deploy its aircraft for various use cases such as defense applications and transportation to offshore oil rigs, which are currently reliant on helicopters for goods transport.
The Indian aerospace industry is experiencing an intriguing phase with entrepreneurial ventures pushing the boundaries of innovation. In a significant development last month, air mobility startup ePlane Company became the first organization to receive design organization approval (DOA) from the Directorate General of Civil Aviation (DGCA).
Such futuristic initiatives have contributed to attracting investments at a higher rate in the industry. Notably, spacetech startup Digantara recently secured $10 million in its Series A1 funding round, further fueling optimism in the sector.
