XTI Crowdfunding Exploratory Campaign Tops $10.5M

A little more than a month after launching a formal exploration of potential crowdfunding for its TriFan 600 vertical takeoff airplane, XTI Aircraft has attracted more than $10.5 million in nonbinding expressions of interest for the project. XTI plans to track interest over several months before filing for a formal investment solicitation with the Securities and Exchange Commission.

"The public response has been tremendous so far," said XTI vice chairman Jeff Pino. "We will file with the SEC in the next few months and, once approved, allow participants to turn expressions of interest into share purchases."

Pino told AIN last month that crowdfunding is one of several financial avenues that the company is exploring to bring a vertical takeoff aircraft to market. But crowdfunding enables the company to generate more public interest in the project, he said. The six-seat aircraft, in development for 2.5 years, would be powered by two turboshafts driving three ducted fans to provide the speed and range of a business jet but vertical lift capability of a helicopter.