Elroy Air secures fresh funding to scale Chaparral drone production

Elroy Air is getting a much bigger financial runway as it prepares to turn its autonomous cargo drone into a production aircraft. The California-based company has expanded its previously announced private investment in public equity (PIPE) commitments to $175 million, with existing backers including Lockheed Martin Ventures and Inflection Point participating. So far, $75 million of that funding has been provided ahead of Elroy Air’s planned business combination with Inflection Point Acquisition Corp. VII. more…