Photo courtesy of XTI Aircraft
XTI Aircraft is seeking U.S. approval to convert $13.8 million in “expression of interest” in its TriFan 600 business aircraft proposal into real investments. The Denver-based company launched the “crowdfunding” initiative on Aug. 25 to reach out to individual investors. To date, such investors have expressed interest in the program to develop the six-seat lift-fan transport to the tune of $13,808, 404 (at the time of publication). But the company can't accept money from those investors until it gains U.S. Securities and Exchange Commission certification to do so, which it is now requesting. The crowdfunding, which complements XTI’s more traditional financing pursuits, takes advantage of a SEC ruling this year that allows companies to raise financing under less stringent eligibility, disclosure and reporting requirements. XTI has been working under Tier 2 of that so-called Regulation A+, which allows it to raise up to $50 million. The TriFan 600 is intended to have the speed, range and comfort of a business jet and the ability to take off and land like a helicopter. Those interested in funding its development can still sign up at www.startengine.com/startup/xti.