Investors Support XTI Startup, Wheels Up Growth


XTI Aircraft, a startup company that aims to develop a new certified six-seat aircraft capable of vertical takeoff and landing, said this week it has attracted $10 million in “reserve shares” through its “test the waters” crowdfunding campaign. The “nonbinding indications of interest” were collected via, which enables startups “to gauge interest in a future offering of the company’s securities.” XTI, based in Denver, says the new design, which uses ducted-fan technology, “will have the speed, range and comfort of a business jet and will take off and land like a helicopter.” Also this week, Wheels Up, a membership-based company operating a fleet of King Airs and mid-size Citation jets for private charters, said it has attracted $115 million in a new round of investment.

Wheels Up CEO Kenny Dichter said this latest round of financing will help the company to expand in the U.S., develop a base of operations in Europe and enhance the company’s technology platform. The company, which launched in 2013, offers flight booking and flight sharing via an app, and also offers concierge services and access to exclusive events for members. The new investment boosts the company’s valuation to greater than $500 million, according to Wheels Up.