Vessev, a New Zealand-based deep tech marine company, announced a $19 million Series A and follow-on financing round and named FlyTahoe as its first U.S. commercial customer. The company also confirmed activations across New York City, Washington, D.C. and Lake Tahoe that mark its official entry into the United States. These milestones establish Vessev's commercial, governmental and industry presence while showcasing its electric hydrofoiling technology to customers, policymakers, investors and maritime leaders.
Funding Round and Strategic Entry
The funding was led by Blackbird Ventures, an early backer of Canva and one of Australia's leading venture firms, with participation from new investors GD1 and Rypples. Existing investors K1W1, Icehouse Ventures, Shasta Ventures and NZVC also joined the round, which totaled $19 million. The capital will accelerate in-house serial production of the VS-9 vessel line, expand the global go-to-market team, and support development of onboard software, telemetry and larger vessels.
First U.S. Customer in Lake Tahoe
FlyTahoe, an emerging sustainable water transit operator in Lake Tahoe, California, selected the VS-9 for its commercial design and passenger experience, with panoramic glass windows and charging requirements that integrate easily with existing marinas. The operator aims to provide a faster alternative to road congestion around Lake Tahoe, which receives more than 15 million visitors annually. FlyTahoe's proposed network is included in the Lake Tahoe Regional Transportation Plan and remains subject to permits from the Tahoe Regional Planning Agency.
High-Profile U.S. Demonstrations
Vessev's U.S. debut will begin in New York City just ahead of New York Climate Week, with demonstrations continuing throughout the week. The company will then appear at the Washington, D.C. Navy Yard on the Potomac River in late September, timed with America's 250th anniversary, in collaboration with the DC Mobility Innovation District. Together with Lake Tahoe on-water demonstrations, these activations form a go-to-market strategy aimed at policymakers, operators, investors and industry leaders shaping the future of transportation.
Hydrofoiling Technology and Efficiency
Vessev's electric hydrofoiling technology lifts vessels above the water, eliminating hull drag and producing virtually no wake. The foil systems, inspired by America's Cup racing designs, dynamically adjust to changing conditions up to 100 times per second and make the vessel three times more efficient than conventional designs. Powered by advanced sensing and telemetry, the technology delivers a smooth and stable ride while unlocking new transportation applications on waterways.
Manufacturing Plans and Commercial Traction
As it expands in the U.S., Vessev plans to work with U.S.-based shipbuilders while continuing to design, engineer and build core technology in-house, including foils, hardware and flight control systems. The VS-9 is a 10-passenger battery-electric vessel with a range of up to 40 nautical miles at full load and 50 nautical miles with a light load. With more than 11,000 nautical miles logged, the VS-9 is already operating commercially in New Zealand and has demand spanning five continents.
Investor Support and Global Projects
Blackbird Ventures partner Phoebe Harrop Meadows said the company brings engineering talent from Apple, Tesla, America's Cup and Rocket Lab to a large and long-stagnant industry. She added that its foiling technology and software lower operating costs while supporting waterways as near-zero-emission transit networks. Vessev is now working with cities and operators globally, including projects underway in Northern Ireland, Sydney and Hobart, to activate underutilized waterways as scalable transit networks.
Vessev's announcement combines new capital, a first U.S. customer and a coordinated series of demonstrations that signal growing commercial traction for electric hydrofoiling. The Lake Tahoe deployment offers a concrete example of how waterways can reduce congestion while preserving environmental quality. With certified vessels already operating and demand growing across multiple continents, the company is positioned to scale its technology in the United States and beyond.