Supersonic aircraft startup Exosonic is shutting down [Yahoo! Finance]
Lockheed Martin Corporation (LMT)
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Source: Yahoo! Finance
In an update posted to its website, Exosonic said it was unable to find the traction necessary to continue operations. “Although the founders and team still believe in the need/desire for quiet supersonic flight and supersonic drones for the US Department of Defense, without further customer support for either concept, the company cannot sustain the cash needs to make further advancements,” the update says Exosonic was founded in 2019 by Norris Tie, a propulsion engineer who cut his teeth at primes like Northrop Grumman and Lockheed Martin; at the latter company, he reportedly worked on the low-boom X-59 aircraft for NASA. Exosonic joined Y Combinator's Winter 2020 cohort and went on to raise over $4.5 million from venture investors, including Soma Capital, Psion Capital, and Stellar Solutions. The startup also bagged several small grants from the U.S. Air Force under its Small Business Innovation Research (SBIR) program. The company was making progress: It hit a major mileston
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