California-based hybrid-electric aircraft developer Ampaire has raised $19 million in a Series B funding round led by DiamondStream Partners. The new capital brings the company's total funding raised to date to $68 million. Investors participating in the round include the venture capital arms of International Air Group (IAG) and Alaska Airlines, as well as multiple venture capital firms.
Ampaire will deploy the funds to accelerate the commercial readiness of its AMP-H570 hybrid-electric propulsion system, which is retrofitted onto Cessna Grand Caravan aircraft to halve fuel consumption. Additionally, the startup has been selected to participate in the eVTOL Integration Pilot Program (eIPP) supported by the U.S. government and the Federal Aviation Administration (FAA).
