Horizon Aircraft has raised $20 million to speed up development of its hybrid-electric vertical takeoff and landing aircraft. The funding will support advancement of the company’s Cavorite X7, a 7-seat eVTOL designed for regional air mobility.
The investment comes at a critical stage for Horizon, which aims to deliver a quiet, efficient aircraft capable of 270 knots cruise speed and over 500 nautical mile range. According to the company, the capital will fund prototype testing, certification efforts, and production scaling.
Hybrid-electric propulsion remains a focus for eVTOL developers seeking to balance payload, range, and emissions. Horizon’s approach integrates a turbogenerator with electric motors, targeting operations in remote and urban settings.
The raise follows recent milestones, including wind tunnel validation and component testing. Investors include strategic partners in aerospace and finance, bolstering Horizon’s path toward FAA certification expected in the late 2020s.
This infusion positions Horizon amid growing competition in the advanced air mobility sector, where over $10 billion has flowed into similar projects since 2020.