HICKORY, NC Jan. 10, 2014 Innovation Fund North Carolina, an organization created to help entrepreneurs with pre-seed funding and mentorship for high-growth, scalable technology startups, has named VX Aerospace of Morganton, NC as a $25,000 grant recipient.
I congratulate VX Aerospace on the successful completion of such a rigorous process, declared Dr. Tony Mifsud, Executive Director is exciting to see this company and its technology being developed here in North Carolina. Companies such as this will help boost job creation and economic growth here in the state.
As a condition of the award, VX Aerospace must agree to milestone-driven plans tailored to its business, intensive mentoring programs and remain headquartered in North Carolina for a minimum of six years following the receipt of the award. The progress of each milestone is monitored, with mentoring in place to ensure each company is successfully prepared for the next stage of funding.
VX Aerospace designs, develops, and manufactures composite aircraft structures for the defense and commercial aerospace markets. This includes complete aircraft. The aircraft that received the Innovation Fund North Carolina award is a unique blended wing body aircraft called the KittyHawk. The design has already completed CFD (Computational Fluid Dynamics) and wind tunnel testing at NC State. The next phase will be sub-scale flight tests.