Two Purdue aerospace startups receive $100K, university backing
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Two Purdue University-affiliated aerospace startups will each receive $100,000 from the Purdue Innovates Startup Foundry to prepare themselves for venture investment.
Aerovy Mobility and Uniform Sierra Aerospace participated in Startup Foundry’s biannual Black and Gold Awards pitch competition. Potential awards ranged from $30,000 to $100,000.
Aerovy Mobility also won $40,000 from the Purdue Innovates Incubator’s New Venture Challenge pitch competition.
Aerovy Mobility is creating an infrastructure for airports and airlines to prepare for and manage electric aviation. The company said it expects to achieve multiple milestones in the next 12 to 18 months. Co-founder Nick Gunady said the new investment is a vote of confidence and a good sign for the future of electric aviation.
MORE: Purdue startup targets growing electric aircraft market
Uniform Sierra Aerospace makes drones for public safety departments and will soon move to a new production facility in the Purdue Technology Center. Co-founder Duncan Mulgrew said the Purdue stamp of approval and financial backing will help them mitigate difficulties and speed up future investments.
MORE: Purdue startup gains traction with drone tech
“These investments can move a startup forward by funding product-market fit and hiring first employees, but their impact goes beyond that,” foundry director Tyler Mantel said in a news release. “Initial investments are a sign to other prospective investors that these companies are investment-worthy, which could lead to follow-on investments and growth.”
The next Black and Gold competition will be in the fourth quarter.