Vessev, a startup developing electric hydrofoil ferries, raised a $19 million Series A in August. The company's VS-9 vessel uses wing-like foils beneath its catamaran hull to lift the boat above water, reducing drag and improving efficiency — crucial for electric propulsion where battery life matters. The hydrofoil design works best in calmer waters up to 0.75 metres, making it suitable for lakes, rivers, and bays rather than open ocean. Computer-controlled underwater flaps maintain stability during the transition from conventional sailing to hydrofoiling. Vessev manufactures the electric motor in-house to control costs, outsourcing only batteries. The company is targeting transit operations, hotels, and tour operators as initial customers. Vessev plans to build more VS-9 units and may eventually produce electric hydrofoil kits for other boatbuilders.

Electric hydrofoiling boat maker raises $27 million to meet strong demand from Australian cities. Aug 27, 2026 New Zealand marine company Vessev has secured $A27 million in financing to help it scale production of its electric hydrofoiling vessels, with Australia quickly cementing itself as a promising market for the technology. Vessev - founded in 2017 and headquartered in Auckland - has designed and built what it believes is the most durable and efficient electric hydrofoiling technology "in the world", launching the VS-9 in 2024 with a cruise range of 40 nautical miles at 25 knots, and more recently another model called the VS-12. Since then, Vessev has racked up numerous investors and partners, delivered commercial vessels into service, and signed plans to deliver multiple VS-9 and the newer VS-12 to customers in Sydney, Perth, and Tasmania, as well as its first US customer. It already has agreements to deliver multiple VS-12 vessels for a future water transport network on Sydney Harbour, as well as orders for V-9 vessels for a ferry network operating on the Swan River. And it says Tasmanian newcomer Fly Derwent recently doubled its reservations to ten vessels. Fly Derwent and Vessev announced their first partnership back in April. Vessev co-founder and CEO Eric Laakmann says Australia has quickly become one of the most exciting markets for electric hydrofoiling. "Australia currently has more planned electric hydrofoiling transport networks than any other country," said Laakmann, a former Apple lead engineer who helped deliver the world's first Apple Watch. "Its cities are built around waterways that are still underused as transport corridors and we're seeing strong demand for a new kind of water transport that is quiet, efficient, sustainable and commercially practical. This funding allows us to scale production and continue building the vessels and technology needed to get there faster." Vessev also named FlyTahoe, an emerging sustainable water transit network operator in Lake Tahoe, California, as its first US customer. Vessev will undertake a series of US demonstrations this year. Vessev says it has $US19 million ($A27 million) in Series A and follow-on financing from a group of new and old investors, led by Blackbird Ventures. The newly raised capital will be used to accelerate production of Vessev's VS-9 and VS-12 vessels as well as help to expand the company's global market team and advance development of its onboard software and telemetry platform. "We've seen a huge amount of local and global support since launching Fly Derwent earlier this year, so we're doubling down," said Cameron McCulloch, principal of Fly Derwent. "The applications for these vessels keep growing as The Driven look to connect more communities and support tourism across the state. The Driven want to position Tasmania as a global leader in low-impact transport, built on its renewable energy advantage. "We're currently raising additional capital, with interest from investors, communities, developers and businesses who all see ways to build Fly Derwent into their broader plans."

Vessev raises $19M Series A to scale electric hydrofoil boats. Auckland-based marine technology company plans to expand production of its VS-9 electric vessel, strengthen U.S. operations and develop larger zero-emission boats. Prefer on Google Auckland-based marine technology company Vessev has raised $19 million in Series A funding to scale production of its electric hydrofoil boats and expand into international markets. The round was led by Blackbird Ventures, with participation from new investors GD1 and Rypples. Existing backers K1W1, Icehouse Ventures, Shasta Ventures and NZVC also participated, alongside several angel investors. The company plans to use the funding to increase in-house production of its VS-9 electric vessel as it moves toward larger-scale manufacturing to meet growing customer demand. Scaling electric hydrofoil production. Founded by Eric Laakmann and Max Olson, Vessev develops electric hydrofoil passenger vessels designed to make marine transportation faster, quieter and more energy efficient. The company's boats combine electric propulsion with hydrofoil technology that lifts the vessel above the water while underway. The system is inspired by technology used in high-performance America's Cup racing. By reducing the amount of the vessel in direct contact with the water, the hydrofoil design is intended to reduce drag and improve efficiency while providing a smoother ride. Vessev's vessels produce zero direct emissions during operation because they are powered by electric motors. Expanding VS-9 manufacturing. A key priority following the Series A will be increasing production of the VS-9. Vessev already has commercially certified vessels operating in New Zealand and says it has received interest from potential customers across five continents. The new capital will allow the company to increase manufacturing capacity and strengthen the systems required to support commercial deployments at greater scale. Vessev is also planning to support its U.S. manufacturing operations as it expands internationally. Targeting global water transport. The company is expanding its sales and marketing operations alongside manufacturing. Its U.S. expansion is focused on markets including New York, Washington, D.C. and Lake Tahoe, where Vessev sees potential applications for faster and more efficient passenger water transport. The company will also invest in onboard software and data systems designed to improve vessel performance, monitoring and operational efficiency. Beyond the VS-9, Vessev plans to continue developing larger vessels that could expand the range of potential applications for its hydrofoil technology. Combining electric propulsion and hydrofoils. Vessev's technology platform combines electric motors, hydrofoil systems, onboard software and data tracking. The company aims to use this combination to overcome some of the efficiency limitations associated with conventional marine transportation while maintaining the practical requirements of passenger vessels. Its approach also builds on the growing interest in electrification across short-distance marine transport, where battery-powered vessels can be more practical than in longer-range maritime applications. From New Zealand to international markets. The Series A marks another step in Vessev's transition from developing marine technology in New Zealand to building a global commercial business. With certified vessels already operating domestically and demand emerging across multiple international markets, the company is now focused on increasing production, expanding its commercial team and establishing a stronger presence in the United States. The $19 million financing will support that expansion while giving Vessev additional resources to develop larger electric hydrofoil vessels for the next stage of its growth.