FinExic Concordia Group injects $55m into XTI

$55m from FinExic Concordia Group will help the company accelerate development on the VTOL.

XTI Aerospace announced that it is set to receive a potential investment of up to $55m from FinExic Concordia Group (FCG), a private global investment consortium.

The agreement involves convertible preferred stock, allowing the investor to convert their shares into common stock at a later date.

This investment, if finalised, will significantly boost XTI’s development of the TriFan 600, a long-range civilian VTOL (vertical takeoff and landing) business aircraft.

“The TriFan is unique and perhaps the most efficient, practical, and commercially viable VTOL aircraft ever designed,” said Anindya Chakraborty, representing the investment consortium.

XTI CEO Scott Pomeroy echoed this sentiment, highlighting the year-long collaboration between XTI and FCG. “The additional capital will help accelerate the development of the TriFan through several major milestones,” said Pomeroy, “including completion of the updated preliminary design review along with launching the critical design review phase in preparation for the assembly of XTI’s Test Aircraft No. 1.”

The $275m valuation reflects XTI’s progress since its merger with Inpixon and surpasses the company’s previous $100m valuation.

The investment agreement outlines a structured process for distributing capital at the predetermined valuation.

The company said it make more details available in a public filing with the Securities and Exchange Commission (SEC).