Poseidon Aerospace secures $60M Series A ahead of pilotless cargo plane debut

Poseidon Aerospace, co-founded by David Zagaynov and Parker Tenney, announced a $60 million Series A financing round led by TQ Ventures, joined by Hanwha Asset Management, G Squared, JAWS and prior investors such as Starship Ventures, Draper Associates and Drover Ventures. The capital will fund the upcoming test flight of Egret, the company’s first full-size, unmanned cargo plane, expected before the year closes. Unlike many air-mobility startups, Poseidon is using conventional combustion engines rather than electric or hydrogen power, focusing on low-cost, high-utilisation logistics.

The firm aims to run its own regional cargo network, serving defense customers in remote areas and competing with major carriers like UPS and FedEx in commercial markets. A new facility in an old Navy hangar in Alameda, California, supports the build-out and hiring surge as the test flight approaches.