Ike
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Vessev closed a $19 million Series A this week, led by Blackbird Ventures with new backers GD1 and Rypples joining returning investors K1W1, Icehouse Ventures, Shasta Ventures, NZVC and a group of angels. The Auckland company builds battery-electric hydrofoiling vessels, and the round is built around one goal: getting the boat into the US market.
The product doing the work is the VS-9, a 10-passenger hydrofoiling ferry with panoramic glass and a claimed efficiency gain of three times over a conventional hull at speed. Its foils adjust up to 100 times per second to hold the hull clear of the water, and Vessev says the boat has already logged more than 11,000 nautical miles in commercial service in New Zealand, where it's certified to carry passengers. Range runs up to 40 nautical miles at full load and 50 at a lighter one.
FlyTahoe, a water transit operator on Lake Tahoe, is the first US customer, and will run the VS-9 to cut crossing times between the north and south shores without the wake and fuel spill risk that come with a conventional hull on a lake known for its clarity. Vessev is backing the deal with a demo tour: New York during Climate Week, the Navy Yard on the Potomac in Washington, D.C. in late September, and Lake Tahoe itself.
The money goes toward scaling VS-9 production, building out a go-to-market team in the US, continuing work on the onboard software and telemetry platform, and laying groundwork for both larger vessels and US manufacturing. One note on the number: a few outlets have reported the raise as roughly NZ$32.6 million rather than $19 million. Same round, different currency, not a second raise.
Vessev isn't alone in betting on hydrofoils for short-haul electric transit. Candela and Navier are chasing a similar bet in other markets. What sets Vessev apart on paper is how much of the stack it builds in-house, hulls, foils, hardware and flight control, with a team pulled from America's Cup sailing, Rocket Lab, Apple and Tesla. A lake commuter ferry is a smaller, more forgiving proving ground than a harbor crossing, which may be exactly why FlyTahoe made sense as the first US customer to sign.
They are going to have one big hurdle, The Jones Act, unless they start building them in the US. I am not opposed to hydrofoils. I have even taken a ride on a few. They are a smooth ride and faster than conventional ferries. But in the past the biggest problem was fuel and maintenance. The Navy and Coast Guard tried the Pegasus and the Flagstaff. But the cost to operate and maintain them was too high. Electric battery power should eliminate the fuel cost. We'll see how the the maintenance goes.
The product doing the work is the VS-9, a 10-passenger hydrofoiling ferry with panoramic glass and a claimed efficiency gain of three times over a conventional hull at speed. Its foils adjust up to 100 times per second to hold the hull clear of the water, and Vessev says the boat has already logged more than 11,000 nautical miles in commercial service in New Zealand, where it's certified to carry passengers. Range runs up to 40 nautical miles at full load and 50 at a lighter one.
FlyTahoe, a water transit operator on Lake Tahoe, is the first US customer, and will run the VS-9 to cut crossing times between the north and south shores without the wake and fuel spill risk that come with a conventional hull on a lake known for its clarity. Vessev is backing the deal with a demo tour: New York during Climate Week, the Navy Yard on the Potomac in Washington, D.C. in late September, and Lake Tahoe itself.
The money goes toward scaling VS-9 production, building out a go-to-market team in the US, continuing work on the onboard software and telemetry platform, and laying groundwork for both larger vessels and US manufacturing. One note on the number: a few outlets have reported the raise as roughly NZ$32.6 million rather than $19 million. Same round, different currency, not a second raise.
Vessev isn't alone in betting on hydrofoils for short-haul electric transit. Candela and Navier are chasing a similar bet in other markets. What sets Vessev apart on paper is how much of the stack it builds in-house, hulls, foils, hardware and flight control, with a team pulled from America's Cup sailing, Rocket Lab, Apple and Tesla. A lake commuter ferry is a smaller, more forgiving proving ground than a harbor crossing, which may be exactly why FlyTahoe made sense as the first US customer to sign.
They are going to have one big hurdle, The Jones Act, unless they start building them in the US. I am not opposed to hydrofoils. I have even taken a ride on a few. They are a smooth ride and faster than conventional ferries. But in the past the biggest problem was fuel and maintenance. The Navy and Coast Guard tried the Pegasus and the Flagstaff. But the cost to operate and maintain them was too high. Electric battery power should eliminate the fuel cost. We'll see how the the maintenance goes.