Doroni Aerospace secures $30 million in investment from Saudi Arabia’s KAI
Florida-based electric vertical take-off and landing (eVTOL) aircraft manufacturer, Doroni Aerospace (Doroni), has secured a $30 million strategic investment from Saudi Arabia’s Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI).
The latest funding will accelerate the development of the company’s H1-X eVTOL aircraft, bringing Doroni closer to its goal of launching the aircraft by the end of 2026.
Of the $30 million investment, an initial $5 million will be invested at closing (expected within 30 days), while the remaining $25 million will be tied to key development milestones over the next two years.
Upon completion of the investment, KAI will acquire a 40% stake in Doroni, subject to potential dilution in future capital raises.
Strategic partnership
In addition, under the definitive agreement, both companies will forge a joint venture to manufacture the H1-X in Saudi Arabia, starting in 2027.
The joint venture, co-owned and financed by KAI, will produce and distribute the aircraft globally and expand Doroni’s market reach.
Both companies expect to formalise the agreement in the coming months.
Doron Merdinger, Founder & CEO of Doroni Aerospace, said, “We are excited to welcome Kingdom Aero Industries as a strategic investor and manufacturing partner. This investment fuels and accelerates the H1-X development, while our joint venture will establish the production infrastructure necessary for global distribution.”
He added, “We are honoured to have Ismail Kashkash, CEO of KAI, joining Doroni’s Board of Directors. His leadership in aviation innovation will be instrumental to our success.”
Furthermore, on his part, Ismail Kashkash, CEO of KAI, noted, “We believe Doroni is leading the future of personal eVTOL mobility, and the H1-X represents the future. This partnership aligns with our mission to bring transformative air mobility solutions to the world. We are proud to help drive Doroni’s vision forward and establish a world-class manufacturing hub in Saudi Arabia.”
Based in Riyadh, KAI was founded in 2024 and is focused on advanced air mobility manufacturing localisation, research and development, aircraft regional sales, and after-sales services.