Jet propulsion-focused Wave Engine lands $3.5M round alongside new Baltimore facility

The University of Maryland spinout, which develops next-generation jet propulsion engines and aerial vehicles, deepened its presence in Charm City after years of growth and contracts with defense agencies.

After nearly a half-decade building its reputation for aerospace innovation and landing a coveted defense contract, jet engine propulsion tech company North American Wave Engine Corp. recently announced both a $3.5 million raise and a planned 7,500-square-foot research facility in Baltimore.

The company’s statement described the raise as a “second seed” round, following up on a 2018 seed round worth $1.45 million. The latest raise was led by Tenable cofounders Ron and Cyndi Gula’s Gula Tech Adventures, whose eponymous Gula Tech Foundation had participated in Wave Engines’ first raise. Kevin Mahaffey, Asymmetry Ventures, the University System of Maryland’s Maryland Momentum Fund and the Abell Foundation — the latter two of which led the initial seed — also participated in this round.

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