Vessev Secures $19 Million Funding, Announces First U.S. Customer and Expansion Plans

New Zealand-based deep tech marine company, Vessev, has secured $19 million in Series A and follow-on financing, with Blackbird Ventures leading the funding round. The company also announced its first U.S. commercial customer, FlyTahoe, an emerging sustainable water transit network operator in Lake Tahoe, CA. Vessev's U.S. expansion plans include high-profile showcases in New York City, Washington, D.C.'s Navy Yard, and Lake Tahoe.

The funding will be used to accelerate in-house serial production of Vessev's VS–9 vessel line, expand the global go-to-market team, advance the development of onboard software and telemetry platform, develop larger vessels, and support plans to manufacture in the United States. Vessev's electric hydrofoiling technology allows vessels to lift above the water, eliminating hull drag and producing virtually no wake.

The foil systems, inspired by America's Cup racing designs, dynamically adjust to changing conditions up to 100 times per second, delivering a smooth, stable ride that is three times more efficient than conventional vessels. The company's U.S. debut will include demonstrations in New York City, Washington, D.C. Navy Yard, and Lake Tahoe, showcasing its technology to customers, policymakers, investors, media, and maritime leaders. FlyTahoe chose the VS–9 for its purpose-built commercial design and premium passenger experience, with panoramic glass windows. 

FlyTahoe's proposed sustainable water transit network is highlighted in the Lake Tahoe Regional Transportation Plan and remains subject to Tahoe Regional Planning Agency permits and approvals. Vessev's combination of foiling technology and software unlocks lower operating costs while improving the passenger experience, and shows how waterways can function as near-zero-emission transit networks. With more than 11,000 nautical miles logged, the VS–9 is a commercially certified vessel already operating in commercial service in New Zealand, with demand now spanning five continents.

Vessev's expansion plans also include collaborating with U.S.-based shipbuilders while continuing to design, engineer, and build its core technology in-house, maintaining a tightly integrated technology stack that enables high performance and full quality control across all areas.

Source: Pr NewsWire