Press Release
Linz/Austria, 28th February, 2024

CycloTech Raises 20 Million Euros for its Revolutionary Aviation Propulsion System

           Investors Breeze Invest and Konos Holding invest 20 million Euros
           Development of the first full scale CycloRotor propulsion system in market size
           Overall financing target of 53 million Euros for 2024

The Austrian aviation technology company CycloTech, a pioneer in the development of innovative flight propulsion technology, has successfully secured a 20 million Euros investment just a few weeks after opening the funding round.

From 2016 to 2023, a total of 6 generations of CycloRotors were developed. The current version has been undergoing flight test operations since 2021. The funding from investors Breeze Invest and Konos Holdings will enable further development of the first full scale prototype of the CycloRotor propulsion system.

CycloTech CEO Hans-Georg Kinsky emphasised the importance of the financing: “This capital injection is key to launching our commercial activities and the start of revenue generation. The potential applications of our propulsion system are diverse. We are already in talks for its use in the logistics sector, construction industry, as a flying crane, but also high-precision drones for the defence industry are conceivable as well.”

CycloTech is already in dialogue with other potential investors to reach its funding target of 53 million Euros this year. This capital will be used to prepare the CycloRotor for certification by the European Aviation Safety Agency (EASA). This latest financing round thus lays the foundation for CycloTech’s plan to develop a marketable product by 2030.

Maximilian Schönfeldt, Managing Director of Breeze Invest, commented on the investment in CycloTech: “Our commitment to CycloTech reflects our strong confidence in the potential of urban air mobility. We are convinced that CycloTech’s unique technology will revolutionise how we move from A to B in the long term.”

A Game Changer in the eVTOL Aviation and Automotive Industry

CycloTech’s unique, electrically driven CycloRotors make it possible to vary the thrust force and direction in a fully circular path. This 360° thrust vector control differs fundamentally from conventional aircraft propulsion systems (jets, propellers, rotors), which can only generate thrust in one direction.

Markus Steinke, Chief Development Officer at CycloTech, emphasised the market opportunities of the technology: “CycloRotors open the door to a new mass market in sustainable aviation, with the potential for millions of vehicle propulsion units to be produced per year. The long-term goal with our CycloRotors is to turn the vision of the flying car into reality.”

CycloTech’s CycloRotor technology enables the development of smaller, more comfortable, and highly manoeuvrable eVTOL aircraft that stand out from current market solutions. The technology allows a seamless transition from vertical to horizontal flight phases without the aircraft having to change its attitude or activate additional propulsion systems.

With the new funding now available, CycloTech is well poised to develop its CycloRotor technology to the required safety and performance standards, taking a leading role in shaping the future of air mobility.