Adam Aircraft, which makes the A500 piston twin and is in the process of certifying its A700 Very Light Jet, has raised $93 million in new funding, led by venture capital firm DCM. Other new investors include Mesirow Financial, W Capital Partners, D.E.Shaw Laminar Portfolios, LLC and Acadia Woods Partners, which joined previous investors Goldman Sachs and Hunt Growth Capital in the round.
The company plans to use its new capital to accelerate certification of its A700 AdamJet and the production ramp-up of the A500.
“After looking at a number of emerging companies in the exciting VLJ space, we were particularly impressed with Adam’s demonstrated ability to efficiently deploy capital,” said Rob Theis, DCM general partner. “The company’s A500 aircraft, currently being delivered to customers, was certified with $80 million of investment, which we consider best-in-class. This track record of cost-effective certification of high-tech composite aircraft, together with their low-risk approach to the derivative A700 VLJ certification program, led us to the conclusion that Adam Aircraft will be at the forefront of this emerging market.”