News

eVTOL Gives Glimpse Into The Future Of Personal Air Travel

CycloTech’s CruiseUp eVTOL has been 15 years in the making, and could redefine urban mobility.

Published

10 months ago

October 11, 2023

Nour Nasir

evtol gives glimpse into the future of personal air travel

CycloTech

After 15 years of planning and testing, CycloTech’s air car concept, known as the CruiseUp eVTOL, offers a glimpse into a sci-fi future where personal air travel isn’t just possible but commonplace. The high-tech aircraft uses a patented propulsion system called CycloRotor, allowing for unparalleled agility and control.

Less than twice the size of a regular car, the CycloTech eVTOL can carry two passengers. The company says that the air car won’t take to the skies until at least 2035, as it is waiting for the air taxi industry to mature and needs time to overcome regulatory hurdles and energy storage issues.

cyclotech cruiseup evtol

CycloTech’s eVTOL air car is designed for short-distance city commuting and stands out due to its futuristic design and exceptional maneuverability. CycloTech is headquartered in Linz, Austria, and has become known for its development work on “Voith-Schneider” propellers. The six barrel-shaped propulsion units on the CruiseUp use wing blades that tilt as the barrels spin, allowing for rapid directional changes in 360 degrees, combined with a top speed of 150 km/h and a range of 100 km.

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In the marine world, super-fast thrust vectoring is the main advantage of Voith-Schneider propellers. The technology is already used to help tugs, ferries, and firefighting ships position themselves precisely in shifting tides, quickly balancing against currents that might tip them over.

While the path to commercial success for CycloTech remains in the balance, the CruiseUp concept still has plenty of potential in smaller drone applications, where precision positioning and agility are invaluable. The CruiseUp eVTOL’s innovative mechanics and visually striking design make it a compelling addition to the rapidly evolving landscape of personal air travel.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.