Aura Aero receives €17.5 million of European funding
French startup Aura Aero has received €17.5 million of funding from the European Innovation Council and SMEs Executive Agency (EISMEA) to expedite the development of ERA, its hybrid-electric regional aircraft.
“The investment from Europe marks a new step in the development of Aura Aero, already supported by the French state in the frame of the France 2030 plan,” commented the French manufacturer.
Funding will be provided through the EIC Accelerator, which is supporting 68 deep-tech startups in its latest funding round (worth an estimated €411 million in total). Aura Aero was among 969 applicants to have applied in the most recent round, narrowed down to a further 347 start-ups and SMEs before a final 68 were selected.
The funding (consisting of €165 million in grants and an estimated €245 million in equity) will be made through the EIC’s dedicated investment arm, the EIC Fund, with most successful recipients set to receive the grant financing within three months. France and Germany were the top two recipients by country, with ventures from each country both receiving 19% of total funding.
To date, over 12,000 startups have applied for the EIC initiative since its launch in 2021, with the next cut-off date for EIC Accelerator full proposals scheduled for October 2024.
