A University of Maryland College Park–born startup developing new jet propulsion technology raised $1.45 million in funding from a group of investors in the state.
The funding for North American Wave Engine Corporation was organized by the University System of Maryland Momentum Fund and the Baltimore-based Abell Foundation. Each contributed $350,000. Other investors included Gula Tech Adventures, the investment firm of Tenablecofounders Ron and Cyndi Gula, and former Harpoon Medical CEO Bill Niland also contributed funding, according to a release.
The company is developing a wave engine, which is a jet engine that does not have moving parts. The idea is to offer a cheaper and more fuel-efficient alternative to what’s currently availabe. It’s seeking to enter the market both for planes and aviation, as well as unammed aerial vehicles.
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