Poseidon Aerospace raises $60 million to fund uncrewed 'Egret' test flight
Poseidon Aerospace just grabbed $60 million to help launch Egret, its uncrewed cargo plane, with a test flight planned for late 2026.
The funding, led by TQ Ventures and joined by Hanwha Asset Management, G Squared, and JAWS, will fuel Poseidon's push to make air cargo cheaper and more efficient.
Co-founders David Zagaynov and Parker Tenney are betting on fixed-wing planes with regular engines instead of pricier tech like vertical takeoff or hydrogen power.
Poseidon Aerospace plans regional air cargo
By ditching cockpits and life-support systems, these planes can carry more stuff at lower costs, and since there are no pilots on board, routes stay flexible and planes can fly more often.
Instead of selling these aircraft, Poseidon wants to run its own regional air cargo business to compete with existing air cargo carriers for business from UPS, FedEx, and others.
To get ready for Egret's big test flight, the team has moved into an old Navy hangar in Alameda, California, ramping up operations for what comes next.