Icon Aircraft has raised $25 million in equity funding in June—enough to finish its ongoing engineering development program and begin production of the A5 amphibious light sport airplane.
“That we were able to successfully raise funds in this time of economic uncertainty demonstrates Icon’s unique and compelling market appeal,” said Kirk Hawkins, Icon founder and chief executive.
Icon said it has received orders for more than 500 aircraft valued at a total of $85 million. The California firm has pushed back its planned production start to the fourth quarter of 2012.
Icon investors include high-profile figures such as Eric Schmidt of Google and Phil Condit, former Boeing CEO. Venture investors Satyen Patel and Bart Becht led the financing effort and will join the Icon board of directors.
Flight testing of the two-seat, light sport aircraft is expected to conclude in the “coming months,” Icon said.
“The unprecedented disruptions in the capital markets during the past two years have challenged every aircraft company out there, and Icon is no exception,” Hawkins said. “We remain laser focused on delivering our customers the coolest sport plane on the planet.”