NZ Marine Tech Firm Vessev Raises $32.6M for US Expansion
Auckland-based maritime technology firm Vessev has secured US$19 million (NZ$32.6 million) in Series A and follow-on financing to scale production of its electric hydrofoil vessels. The company, which leverages America’s Cup-inspired foil systems, aims to transition its manufacturing operations to the United States while launching commercial ferry services in Lake Tahoe.
Capital Deployment and Serial Production Scaling
The funding round, announced on August 20, 2026, was led by Blackbird Ventures, with participation from GD1 and Rypples. Existing shareholders, including K1W1, Icehouse Ventures, NZVC, and Shasta Ventures, also contributed to the raise. According to the company, the capital is earmarked for three primary objectives: the in-house serial production of its VS–9 vessel line, the expansion of its global sales team, and the maturation of its proprietary onboard telemetry and software platform.
Vessev’s strategy centers on moving its manufacturing footprint closer to its target market, a move intended to reduce export overhead and align with domestic US production incentives.
Efficiency Metrics and Hydrofoil Engineering
The technical core of the VS–9 lies in its active foil systems, which adjust to water conditions up to 100 times per second. By lifting the hull out of the water, the vessel significantly reduces drag, achieving efficiency gains of approximately three times that of a conventional displacement hull. Data from the vessel’s performance in Auckland, where it has logged over 11,000 nautical miles with Fullers360, indicates a 10-passenger capacity at 25 knots and a range of 40 to 50 nautical miles depending on payload.
As Vessev prepares for its US debut in New York and subsequent demonstrations at the Washington DC Navy Yard, the firm faces the complex regulatory hurdles of domestic commercial certification.
The Lake Tahoe Transit Strategy
Vessev’s initial US customer, FlyTahoe, intends to deploy the VS–9 to establish an electric ferry network across Lake Tahoe. The startup aims to mitigate traffic congestion between the lake’s north and south shores, where vehicle trips can reach 20,000 per day during peak seasons. However, the deployment remains subject to oversight by the Tahoe Regional Planning Agency. The lake’s environmental protection regime is among the most demanding in the United States, placing the onus on the operator to secure specific water-transit permits.
