Adam A700 Certification -- $93 Million Closer
Adam Aircraft has attained $93 million in fresh funding, led by new investor DCM, a venture capital firm, the company said on Tuesday. "This funding round puts Adam Aircraft in a strong position to accelerate our product development and production plans," spokeswoman Shelly Simi told AVweb yesterday. Deliveries have started on the A500 piston twin, though full FAA certification for night and IFR operations is still pending. That certification is now just "days away," Simi said. The company now will roll its resources over to the A700 VLJ program and hire additional engineers for its facilities in Colorado and Utah. A700 certification is currently aimed at early 2007, Simi said. Rob Theis, DCM general partner, said he was impressed with Adam's track record. "The company's A500 aircraft, currently being delivered to customers, was certified with $80 million of investment, which we consider best-in-class," he said in a news release. "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." Besides DCM, other new investors included Mesirow Financial, W Capital Partners, D.E.Shaw Laminar Portfolios, and Acadia Woods Partners, which joined previous investors Goldman Sachs and Hunt Growth Capital.