New Zealand-based foiling catamaran manufacturer Vessev has announced $19m in Series A and follow-on financing, its first US commercial customer, and a series of high-profile US activations marking its entry into the American market. Blackbird Ventures led the funding round, with new investors GD1 and Rypples joining alongside existing investors K1W1, Icehouse Ventures, Shasta Ventures, NZVC, and angel investors. The capital will accelerate in-house production of Vessev’s VS-9 vessel line, expand its global go-to-market team, advance its onboard software and telemetry platform, develop larger vessels, and support plans to manufacture in the US.
First US commercial customer
FlyTahoe, a sustainable water transit operator in Lake Tahoe, California, is Vessev’s first US commercial customer. Lake Tahoe sees over 15 million visitors annually, with up to 20,000 vehicle trips daily between North and South Shore. “Hydrofoiling doesn’t just make boats better, it redefines what’s possible on water,” says Eric Laakmann, co-founder and CEO of Vessev. “By combining electric propulsion, advanced foiling systems, and software, we’re making vessels significantly more efficient, better for passengers and more scalable for operators. Lake Tahoe is an ideal place to demonstrate our technology and we’re excited to work with our first US customer, FlyTahoe, to help communities rethink mobility on the lake, offering a faster, more reliable alternative.”
“This technology unlocks an entirely new era of sustainable water transit – offering a faster alternative to Tahoe’s infamous traffic while helping preserve the lake’s famous clarity,” adds Ryan Meinzer, founder & CEO of FlyTahoe. “We’re proud to be Vessev’s first US customer and to add the VS-9 to our growing fleet of electric hydrofoiling vessels.”
Vessev will debut in New York City ahead of New York Climate Week, followed by demonstrations at Washington, DC’s Navy Yard in late September in collaboration with the DC Mobility Innovation District, and at Lake Tahoe.
Technology
Vessev’s electric hydrofoiling technology lifts vessels above water, eliminating hull drag and producing virtually no wake. The foil systems adjust to conditions up to 100 times per second, delivering a ride three times more efficient than conventional vessels. The company designs and builds its core technology in-house while planning to work with US-based shipbuilders for expansion. The commercially certified VS-9 has logged over 11,000 nautical miles in New Zealand, with demand spanning five continents. The 10-passenger, battery-electric vessel has a range of up to 40 nautical miles with a full load and 50 nautical miles with a light load.
“Vessev is bringing world-class engineering from Apple, Tesla, the America’s Cup and Rocket Lab to a massive, long-stagnant industry,” said Phoebe Harrop Meadows, partner at Blackbird. “Its combination of foiling technology and software unlocks lower operating costs while improving the passenger experience and shows how waterways can function as near-zero-emission transit networks, in the US and beyond.”
www.vessev.com
