overair

overair

Image courtesy of Wisk Aero

Everyone hates traffic, and it’s no secret that Los Angeles has some of the worst commutes in the country. Drivers in the LA area waste an average of 62 hours – more than an entire work week – in traffic every year, making it the sixth most congested city in the country.

To cope with the taxing traffic, some local startups aren’t thinking of ways to revitalize the county’s aging and unfinished freeway system: instead, they’re looking to the skies.

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Image courtesy of Overair

Santa Ana-based aircraft startup Overair has raised $145 million to develop and fly its flagship vehicle, a prototype electric airplane called Butterfly, by the second half of next year.

The investment was led by South Korean conglomerate Hanwha Group, which holds a 30% stake in Overair and has now poured a total of $170 million into the startup, according to TechCrunch. The funds specifically came from two of the conglomerate’s divisions, Hanwha Aerospace and Hanwha Systems, Overair said in a press release Tuesday.

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