Another example of how the bleeding edge aerospace sector is going through a massive shakeup has surfaced as civilian supersonic startup Exosonic has announced that it is going out of business after being unable to raise needed funding.
When there's a boom in any technological field it goes through a number of phases – some of which can be rather miserable for those involved. During the internet boom of the late 1990s, I was lucky enough to be working writing contracts in the epicenter of the era, Seattle, Washington.
During that time, companies would sprout up like mushrooms in a park after an autumn rain. Any office space going would suddenly be filled by some new startup, furnished with furniture that cost a fortune and employing staff paid an even greater fortune. It was heady stuff – rather like being witness to a gold rush. However, by the year 2000, the boom turned to bust as the startups began to vanish as quickly as the metaphorical mushrooms until only the hardiest remained.
A similar shakedown is currently underway in the more innovative corners of the aerospace industry as the contenders to cash in on new advances fall by the wayside. Already eVTOL taxi startup Lilium and hypersonic engine maker Reaction Engines have gone bankrupt and now they've been joined by Torrance, California-based Exosonic.
Founded in 2019 by aerospace engineer Norris Tie, who had previously worked at Northrop Grumman and Lockheed Martin, Exospace was dedicated to building the next generation of civilian supersonic transports after the demise of the Concorde. They had some degree of success, raising US$6.5 million in capital and securing contracts with the US Air Force to develop supersonic training drones.
The company even planned to build a series of aircraft, including a supersonic airliner called Horizon, a supersonic UAV known as Revenant, and a subscale supersonic UAV named Trident. They even managed to fly a subsonic development model in April, 2024.
However, five years on, Exosonic is unable to raise the money it needs to even keep the doors open. It is therefore shutting down operations and is offering its intellectual properties for sale to whomever is interested.
"To all that stayed updated on our journey, we thank you for your support and shared love for our company’s vision and mission," said Exosonic in a statement. "For those that continue to be in the race, such as Boom Supersonic, Hermeus, Destinus, Venus Aerospace, Spectre Aerospace, and others, we wish you the best on your super/hypersonic campaigns. We will be rooting for you from the sidelines."
Source: Exosonic