Boom Technology has received new funding to complete the development of its XB-1 supersonic jet prototype for commercial operations.
Under the new Series A round of funding, Boom has raised $33m from 8VC, Caffeinated Capital, Palm Drive Ventures, RRE Ventures and Y Combinator’s Continuity Fund, as well as various angel investors.
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The latest round has increased the company’s total funding to $41m, which is enough to finish the development of XB-1 supersonic demonstrator.
The funding will also enable Boom to implement the prototype’s flight test programme.
With the completion of the latest round of investment, Y Combinator president Sam Altman and investor/entrepreneur Greg McAdoo will also be joining Boom’s board of directors.
Boom Technology CEO and founder Blake Scholl said in a blog: “The best way to grok the supersonic future is to look back at what happened the last time we had a big speedup, back to the dawn of the jet age in the late 1950s and early 1960s.
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By GlobalData“Prior to the jet age, flights from the US West Coast to Hawaii stretched 15h-16h. Consequently, few went, and ‘Hawaii vacation’ wasn’t really a thing.
“Jets meant Hawaii was 5h-6h away instead of 15h-16h. In the first ten years, travel to Hawaii went up six-fold. Resorts and golf courses were built.”
Scholl further added that the supersonic flights would provide the same benefits as the existing flights, but with shorter duration.
Image: XB-1 aircraft concept. Photo: courtesy of Boom Technology.
