Poseidon Aerospace has raised a $60 million Series A as it prepares for the first test flight of Egret, its full-size uncrewed cargo aircraft, by the end of 2026. The financing follows an $11 million seed round last year and will support the company as it expands its team and moves toward flight testing.
TQ Ventures led the round, with new investments from Hanwha Asset Management, G Squared and JAWS. Existing investors Starship Ventures, Draper Associates and Drover Ventures also participated, according to Poseidon’s official funding announcement.
Poseidon was founded in 2024 by CEO David Zagaynov, previously at Amazon, and Parker Tenney, who worked at Lockheed Martin. Rather than developing electric or vertical takeoff aircraft, the company is concentrating on lowering the cost of moving cargo with fixed-wing aircraft powered by conventional combustion engines.
Egret Removes the Cockpit to Carry More Cargo
Poseidon’s Egret uses autonomous systems and remote piloting, allowing the company to remove the cockpit, onboard life-support equipment and other structures required for pilots. Zagaynov said reducing that weight allows the aircraft to use lighter, more efficient components while dedicating more capacity to cargo.
Poseidon has also developed Heron, a seaplane version intended for operations where conventional airport infrastructure is unavailable. The company initially plans to target defense logistics and regional commercial cargo, including remote areas and routes with limited existing air service.
For commercial operations, Poseidon does not plan to sell its aircraft to other carriers. Instead, Zagaynov wants the company to operate its own cargo network and compete for customers such as UPS and FedEx.
Without onboard pilots and their flight-hour restrictions, Poseidon expects its aircraft to spend less time idle and switch routes more easily when regional demand changes. Zagaynov also sees the potential for more point-to-point flights rather than relying primarily on traditional hub-and-spoke cargo networks.
Full-Scale Flight Testing Comes Next
Poseidon previously built and flew Seagull, a quarter-scale demonstrator used to test its aircraft concept. The company has since moved into a former Navy hangar in Alameda, California, where it is building the full-size Egret with a wingspan of about 50 feet.
The startup plans to increase hiring as it prepares the aircraft for its first uncrewed flight before the end of the year. Zagaynov said changes in the U.S. regulatory environment have also created a clearer path for new aviation companies, pointing to the FAA’s Advanced Air Mobility pilot program as an example of regulators becoming more open to testing new aircraft concepts.
Featured image credits: STALA
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