“We plan to use the funding to continue the development of our hydrogen airbreathing and rocket engines and test the first supersonic flights powered by hydrogen engines in the next 12 to 18 months,” Mikhail Kokorich, founder and CEO of Destinus, said in a statement published Wednesday.
Conny & Co., One Way Ventures, Quiet Capital, Liquid2 Ventures, ACE & Co. and Cathexis Ventures are among the investment companies that take part in the seed round.
As part of the financing round, Cornelius “Conny” Boersch, founder of Conny & Co. and Mountain Partners, has joined the board of Destinus.
“We have already made significant progress and have designed and filed patents for the unique subsystems, such as a hydrogen active cooling system, enabling a highly reusable hyperplane flying at almost the speed of a rocket,” added Kokorich.
Walder Wyss served as legal adviser in the transaction.
Destinus is developing near-space vehicles and infrastructure, including a hyperplane that can transport cargo to other continents within two hours. The company operates with a team of 50 engineers and managers and plans to double its workforce in 2022 to further advance its research and development and flight program.