The announcement by civilian supersonic startup Exosonic that it is going out of business due to its inability to acquire necessary funding is another illustration of the huge upheaval occurring in the cutting-edge aerospace industry.
Any technological field that experiences a boom goes through several stages, some of which can be quite unpleasant for individuals engaged. I had the good fortune to be writing contracts in Seattle, Washington, which was the core of the internet explosion in the late 1990s.
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In those days, businesses would appear like mushrooms in a park during an autumn rainstorm. Suddenly, a new firm would occupy every available office space, furnishing it with expensive furniture and paying even more to hire employees. It was highly intoxicating, akin to seeing a gold rush. But by 2000, the boom had turned to crash, with the startups disappearing as fast as the figurative mushrooms, leaving just the most resilient.
As the competitors to profit from new developments are pushed aside, a similar shakedown is presently taking place in the more inventive sectors of the aircraft industry. Exosonic, situated in Torrance, California, has joined the ranks of hypersonic engine manufacturer Reaction Engines and eVTOL taxi startup Lilium that have already filed for bankruptcy.
After the collapse of the Concorde, aerospace engineer Norris Tie founded Exospace in 2019 with the goal of creating the next generation of civilian supersonic aircraft. Tie had previously worked at Lockheed Martin and Northrop Grumman. They were somewhat successful, obtaining contracts with the US Air Force to develop supersonic training drones and raising US$6.5 million in finance.
As the competitors to profit from new developments are pushed aside, a similar shakedown is presently taking place in the more inventive sectors of the aircraft industry. Exosonic, situated in Torrance, California, has joined the ranks of hypersonic engine manufacturer Reaction Engines and eVTOL taxi startup Lilium that have already filed for bankruptcy.
After the collapse of the Concorde, aerospace engineer Norris Tie founded Exospace in 2019 with the goal of creating the next generation of civilian supersonic aircraft. Tie had previously worked at Lockheed Martin and Northrop Grumman. They were somewhat successful, obtaining contracts with the US Air Force to develop supersonic training drones and raising US$6.5 million in finance.
“To all that stayed updated on our journey, we thank you for your support and shared love for our company’s vision and mission,” stated 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.”