The round was led by TQ Ventures, with participation from Hanwha Asset Management, G Squared, and JAWS, alongside existing investors Starship Ventures, Draper Associates, and Drover Ventures. The company previously raised $11 million in seed funding last year.
Poseidon plans to use the funds to complete its first test flight of the uncrewed cargo plane Egret by year-end. The startup focuses on lowering cargo transport costs by using combustion engines and autonomy, targeting defense and regional commercial routes.