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Flying car maker Terrafugia Inc. has raised $2 million in a Series B round of financing, according to federal documents and the company’s CEO Carl Dietrich, who said that the money is independent of its search for funding to help it site a manufacturing facility that may cause it to move out of Massachusetts.
“We’re still talking with a number of different locations, including the folks in Ohio, and this funding round is not tied to any particular location,” Dietrich said. “Obviously, this is great for us.”
In February, Dietrich said that he was pondering whether to accept an offer of $4.4 million to move into a facility in Dayton, Ohio. Those discussions and others are still ongoing, and the new funds mean Terrafugia does not need to rush any decision.
Dietrich declined to name the lead investor or any investors in the round. The documents filed with the U.S. Securities and Exchange Commission show that a total of 20 investors participated in the new funding. That new funding will be used to create a new version of the company’s flying car, Dietrich said.
“We are building a second prototype vehicle, and that vehicle we are looking to fly around a year from now,” he said. “It’s an improvement in almost every respect to the vehicle. This will be a vehicle that is much, much closer to the actual production vehicle than the proof of concept vehicle.”
Dietrich co-founded Woburn-based Terrafugia with fellow MIT alum, his wife and chief operating officer Anna Mracek Dietrich and vice president of engineering Samuel Schweighart. Anna Mracek Dietrich was named a Mass High Tech Woman to Watch in 2009.
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