Poseidon Aerospace raises $60M for uncrewed cargo aircraft

Poseidon Aerospace has secured $60 million in a Series A funding round to support the upcoming test flight of its uncrewed cargo aircraft, the ‘Egret’. The funding round was led by TQ Ventures, with participation from Hanwha Asset Management, G Squared, JAWS, Starship Ventures, and Draper Associates.

Founded by CEO David Zagaynov and Parker Tenney, the startup aims to disrupt the logistics industry by operating its own regional cargo service rather than selling aircraft. The company’s strategy focuses on cost efficiency by utilizing conventional combustion engines and fixed-wing designs, deliberately avoiding electric or hydrogen powertrains and vertical takeoff technologies.

By removing the cockpit and life support systems required for human pilots, Poseidon intends to reduce structural weight and increase payload capacity. This approach also eliminates pilot-related logistical constraints, such as flight hour limits and crew accommodation costs. The company has expanded its operations to a hangar in Alameda, California, and is targeting both commercial cargo and defense sectors.