Doroni Aerospace Raises $1.07M on StartEngine

MIAMI, April 25, 2022 (GLOBE NEWSWIRE) -- Doroni Aerospace, Inc. ("Doroni") today announces the close of their Reg CF raise on the equity crowdfunding platform StartEngine.com. Doroni raised $1,069,850 from 916 investors nine days before the closing deadline of April 28th after beginning the raise in mid-November and one month from the original closing date. Doroni also officially received a new company valuation of $159M (which the company believes is conservative) up from the previous $14M.

Launched by Howard Marks, co-founder of video game giant Activision, and backed by renowned investment guru Kevin O'Leary, AKA "Mr. Wonderful" from ABC's Shark Tank television show, StartEngine enables everyday people to become angel investors by giving them access to startup opportunities across a wide range of industries.

"We began this raise with such an intentionally low valuation, it almost seemed crazy at the time. The big idea was to grow our community and provide our early adopters with the best deal possible, and I'm proud to say we've achieved that goal."

—CEO/Founder Doron Merdinger

Doroni Aerospace's eVTOL Technology

Founded in 2016, Doroni's mission is to bring safe and consumer-first air transportation to the emerging electric vertical takeoff and landing (eVTOL) industry. The company's go to market aircraft—the Doroni H1 eVTOL—uses an intuitive and easy-to-use control system that simplifies the inherent complexities of flight.

Prior to this raise, Doroni designed, built, tested, and successfully lifted-off a 643 LB. full-scale single-seat prototype personal eVTOL. This paved the way for the company to win 2nd place at the 2021 Florida Aerospace Forum and garnered the support of government agency Space Florida to help bring production to scale.

Doroni anticipates a commercial launch of the H1 in the second half of 2024, and will be seeking a Light-Sport Aircraft (LSA) certification with the FAA, which is markedly different from its air taxi competitors. Initially retailing between $195K-$250K, the H1 will be able to park and charge in a standard two car garage.

Doroni's Traction to Date

Since entering the new year, Doroni has logged a number of notable accomplishments, including:

Morgan Stanley projects the electric vertical takeoff and landing industry to soar to $1T by 2040 and over $6B was invested in 2021 alone, with several developers going public and/or attracting lucrative private investments.

Doroni is exploring multiple, large investment opportunities that will pave the way for Venture Capitalists to join the company. Doroni firmly believes the new $159M valuation positions the company for a potential exit of $1B in less than 5 years.

Doroni is urging supporters who are still interested in investing to join the wait list via the company's campaign page on StartEngine.

To learn more about Doroni Aerospace, please visit www.doroni.io or email us here: info@doroni.io | Invest in our Crowdfunding campaign today!

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d54117ff-7bcc-4be5-9850-3792dbebc162

https://www.globenewswire.com/NewsRoom/AttachmentNg/05b32bbc-18a4-4479-95e3-73f0220b2a21


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