This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Policy, visit this page.
Aviation startup Boom Technology is developing a supersonic passenger plane that will seat 45 to 55 passengers. The Denver-based aircraft company gained a new investor on Wednesday: Chinese travel conglomerate Ctrip.
The new investor is a major step toward Boom’s goal of having the supersonic jet on the market by 2023. Industry insiders have compared the jet to the now-defunct Concorde, which was known for completing its iconic transatlantic route in less than half the time of traditional aircraft.
Boom Technology’s plane would offer a similar service on transpacific routes to Asia. “San Francisco to Shanghai, for example, could shrink from 11 hours to 6 — and a typical round-trip itinerary can be accomplished two whole days faster,” Boom CEO Blake Scholl said in a press release. The plans for the aircraft show it reaching speeds up to Mach 2.2 (1,451 miles/hour), which is about twice as fast as the average passenger jet.
It is not clear exactly how much Ctrip is investing in the Boom. The company had raised $47.3 million as of December 2017, after a $10 million investment from Japan Airlines, according to numbers from funding tracker site Crunchbase.
“All that I can say from my end is that Boom has raised (so far) over US$85 million, including seed investment, venture capital, and investments from strategic partners,” Ctrip Senior International PR Manager Wei Yuan Min told Jing Travel. “At Ctrip, we invest in the future to ensure that our users are able to have access to futuristic experiences.”
It is possible that Ctrip invested the difference between the $47.3 million Boom raised in its December funding round and the $85 million it says it has now. An investment of about $40 million would not be untypical for Ctrip. In 2016, it executed a $1.74 billion acquisition of Scottish travel fare metasearch engine Skyscanner.
According to Ctrip Co-founder and Executive Chairman James Liang: “As a leading innovator in the commercial aviation industry, Boom will be positioned to provide exciting premium global flight options for Ctrip users and Ctrip is making a strategic investment in the next generation of travel.”
Featured image courtesy Boom Technology.
LIMITED TIME OFFER. Aside from the 100,000 points welcome bonus (available until 8/8/18), Amex recently made huge improvements to the Business Platinum Card, including the fact that you will now earn 50% more points on purchases of $5,000 or more, earn 5x on flights and eligible hotels at Amextravel.com and cardholders will receive a $200 airline fee credit each year.
- Limited Time Offer: Earn up to 100,000 Membership Rewards® Points.
- Earn 50,000 Membership Rewards® points after you spend $10,000 & an extra 50,000 points after you spend an additional $15,000 all on qualifying purchases within your first 3 months of Card Membership. Offer ends 8/8/18.†
- Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com.
- Get 50% more Membership Rewards® points. That's 1.5 points per dollar, on each eligible purchase of $5,000 or more. You can get up to 1 million additional points per year.
- 35% Airline Bonus: Use Membership Rewards® Pay with Points for all or part of a flight with your selected qualifying airline, and you can get 35% of the points back, up to 500,000 bonus points per calendar year.
- You can also receive 35% points back on all First and Business class flights, with all airlines available through American Express Travel.
- You can enjoy access to The American Express Global Lounge Collection℠ offering access to the most lounges across the globe, when compared with other U.S. credit card offerings. As of 11/2017
- Terms Apply
- See Rates & Fees