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.
This cash back card has a focus on dining and entertainment where you can earn unlimited 4% cash back in those spending categories. You can also earn 2% cash back at grocery stores and 1% cash back on all other purchases.
- Earn a one-time $500 cash bonus after you spend $3000 on purchases within the first 3 months from account opening
- Earn unlimited 4% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
- No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
- No foreign transaction fees
- Access to premium experiences in dining, entertainment and more
- $0 intro annual fee for the first year, $95 after that