Overair Valuation, Funding & Investors
Overair is valued at $83M as of December 2019.
Last Overair valuation
$83M
Series A · Dec 2019
Last Overair funding round
$145M
Series B · Jun 2022
Cumulative funding Overair raised
$170M
across 2 funding rounds
Key investors in Overair
About Overair
Overair is a Santa Ana, California-headquartered developer of electric vertical takeoff and landing aircraft for urban air mobility. Founded in 2019, it designs the Butterfly four-passenger eVTOL with distributed electric propulsion for air taxi services. The vehicle features a piloted configuration with plans for autonomy, targeting FAA certification by 2025 for operations in cities like Los Angeles and Dubai through partnerships with Uber Elevate alumni.
Founded
2019
HQ
United StatesWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$83M (Dec 2019)
Overair Valuation
Overair is currently valued at $83M, based on its Series A in December 2019.
The $25M round was led by Hanwha Systems.
Overair valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Dec 2019 | Series A | $83M |
Overair Funding History
Overair has raised a total of $170M across 2 funding rounds.
Overair's first fundraising round was a $25M Series A in December 2019. The most recent completed round was a $145M Series B in June 2022.
Overair funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2022 | Series B | Hanwha Aerospace (lead); Hanwha Systems (lead) | $145M | - | Overair, a Southern California-based developer of electric vertical takeoff and landing (eVTOL) aircraft, secured $145 million in its Series B funding round on June 14, 2022, led by Hanwha Aerospace ($65 million via convertible notes) and Hanwha Systems ($50 million), with prior investments from Hanwha Systems including $25 million in Series A (2019/2020) and $30 million via convertible notes. The funding supports development of its Butterfly eVTOL prototype, aimed at sustainable aerial ridesharing, with plans for first flight in the second half of 2023, FAA type certification targeted for 2025-2026, and commercialization thereafter. Hanwha will supply electric motors and battery packs, expanding R&D collaboration on propulsion systems. Overair, spun off from Karem Aircraft in 2019, has raised a total of $170 million across rounds by June 2022. The company focuses on a composite-intensive Butterfly design emphasizing safety, efficiency, low noise, payload capacity, and real-world weather performance, having validated its propulsion system through full-scale ground testing earlier in 2022. Partnerships include Bristow Group (pre-order for up to 50 aircraft via MOU), NASA for Advanced Air Mobility operations, and Urban Movement Labs for urban air mobility infrastructure in Los Angeles. The investment positions Overair as a 'swift follower' in eVTOL certification, prioritizing long-term market viability over being first-to-market, while selecting suppliers for fly-by-wire and flight control systems. Hanwha assessed Overair's patents and core technologies as enabling a superior UAM vehicle meeting safety, environmental, and performance standards. Overair continues propulsion validation and prototype integration toward practical aerial ridesharing services. |
| Dec 2019 | Series A | Hanwha Systems (lead) | $25M | $83M | Overair, a spin-off from Karem Aircraft established in 2019, develops electric vertical takeoff and landing (eVTOL) aircraft, notably the Butterfly air taxi for urban air mobility (UAM) applications. In 2019, Hanwha Systems invested $25 million in Overair's Series A round, acquiring a 30% stake in the company. This investment positioned Hanwha as a strategic partner, collaborating on eVTOL development including airframe and propulsion systems. The stake implies a post-money valuation of approximately $83.33 million, calculated as $25M divided by 30%. Subsequent funding included a $30 million convertible note from Hanwha Systems in 2021 ahead of Series B. In June 2022, Overair raised $145 million in Series B financing, with Hanwha Systems contributing $50 million and Hanwha Aerospace $65 million (or $115 million total per some reports), bringing Hanwha's total investment to around $170 million. Hanwha provided electric motors and battery packs for prototypes, supporting Overair's goal of first flight testing in late 2023 and FAA certification for aerial ridesharing. Overair partnered with Urban Movement Labs for UAM in Los Angeles and participated in South Korea's UAM initiatives. The company conducted ground testing on its full-scale propulsion system in early 2022. By some accounts, Hanwha Systems held a 45.18% stake per annual reports, though estimated at 30% post-dilution. Overair later parted ways with Hanwha amid funding challenges. |
Who has invested in Overair?
2 investors have backed Overair across its funding rounds, including Hanwha Systems and Hanwha Aerospace.
Lead investors include Hanwha Aerospace and Hanwha Systems.
Overair Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialOverair Competitors
Overair competitors include listed companies like Aptera Motors and APR Technologies, and private ones like Hybrid Air Vehicles, VerdeGo Aero, ZEVX and Relux Electric.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 United Kingdom | Private | - | - | $73M | - | |
| Daytona Beach, FL | Private | - | - | $165M | - | |
| Phoenix, AZ | Private | - | - | $82M | - | |
| United States | Publicly listed | - | ($43M) | $85M | 715.1x | |
 Chennai | Private | - | - | $86M | - | |
 Sweden | Publicly listed | $1M | ($247K) | $80M | - |
Overair Public Comps
Overair is still privately-owned, but its public comps include AAC Clyde Space, Aptera Motors, Air T, APR Technologies, Blink Charging, Automob, Wallbox, Odessos Shiprepair Yard, Starfighters Space and Vertical Aerospace.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $30M | $967K | 2.4x | 1.7x | 76.1x | 18.3x | |||
| - | ($43M) | - | 715.1x | (1.8x) | (3.1x) | |||
| $327M | $110M | 1.1x | - | 3.1x | - | |||
| $1M | ($247K) | 50.7x | - | (273.7x) | - | |||
| $103M | ($73M) | 0.5x | 0.5x | (0.7x) | (2.0x) | |||
| $2.5B | $84M | 0.4x | 0.3x | 10.7x | 6.7x | |||
| $167M | ($59M) | 1.8x | 1.8x | (5.0x) | (10.7x) | |||
| $58M | $6M | 1.1x | - | 10.3x | - | |||
This data is available for Pro users. Sign up to see all Overair competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Overair
| When was Overair founded? | Overair was founded in 2019. |
| Where is Overair headquartered? | Overair is headquartered in United States. |
| Is Overair publicly listed? | No, Overair is a private, VC-backed company. |
| What is Overair's valuation? | Overair was last valued at $83M in its Series A in December 2019. |
| How much funding has Overair raised? | Overair has raised $170M across 2 funding rounds. |
| What was Overair's last funding round? | Overair's last funding round was a $145M Series B in June 2022, led by Hanwha Aerospace and Hanwha Systems. |
| Who are Overair's investors? | Overair's investors include Hanwha Systems and Hanwha Aerospace. |
| Which companies are comparable to Overair? | Companies comparable to Overair include Hybrid Air Vehicles, VerdeGo Aero, ZEVX, Aptera Motors, Relux Electric and APR Technologies. |
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