What Happened
Autonomous Cargo Drone Developer Expands Funding With Lockheed Martin
Elroy Air, a developer of autonomous heavy-cargo drones, has expanded its private investment in public equity commitments to $175 million, with participation from Lockheed Martin Ventures. The financing will support the expansion of manufacturing capacity and commercial deployment of the company’s Chaparral autonomous cargo aircraft. Elroy Air plans to use the funds to accelerate production and provide additional resources for scaling deliveries to its commercial and defense customers. The company’s proposed business combination with Inflection Point Acquisition Corp. VII is intended to make Elroy Air a publicly traded company, providing additional capital and access to public markets. This development was reported by an unknown source.