Poseidon Aerospace, co-founded by David Zagaynov and Parker Tenney, has secured a $60 million Series A funding round led by TQ Ventures, with participation from Hanwha Asset Management, G Squared, JAWS, and existing backers Starship Ventures, Draper Associates, and Drover Ventures. The funding precedes the anticipated first test flight of Poseidon’s uncrewed cargo plane, Egret, by the end of the year. Zagaynov emphasizes the company’s focus on improving cargo logistics rather than pursuing flashy technologies, opting for fixed-wing aircraft powered by conventional combustion engines to minimize costs.
The startup targets both defense and regional commercial cargo markets. In the defense sector, Poseidon aims to serve remote and underserved routes with degraded or nonexistent infrastructure, enhancing national logistics resilience. For commercial operations, Poseidon plans to operate its own regional air cargo business, competing with established carriers like UPS and FedEx. The absence of pilots in Poseidon’s aircraft is expected to reduce operational costs, increase flexibility in route adjustments, and allow for a more efficient point-to-point cargo model. Additionally, removing the need for a cockpit and life support systems enables a lighter aircraft design, further enhancing payload efficiency and reducing overall costs.