Singapore SAF Start-Up Secures US$1.6 Million From Impact-Oriented Venture Capital Firms

Sustainable Aviation Fuel (SAF) start-up FlyORO successfully closed a Pre-Series A round, securing US$1.6 million.

The round is led by Audacy Ventures, a venture capital firm dedicated to catalysing and scaling technology solutions driving the energy transition. The round also included participation from Asia-Pacific based VC Investible and other private investors, who are also advocates in the field of sustainable innovations.

Audacy Ventures has already made a number of strategic investments in the SAF industry, including a collaborative venture with Qantas, Airbus and LanzaJet, aimed at propelling the Australian market in the SAF sector.

The addition of Singapore-based FlyORO to their portfolio further enhances the strength of their devotion towards developing the SAF value chain, reinforcing their dedication to fostering the SAF market growth.

SAF is estimated to contribute 65% of aviation’s emissions reduction goal, equivalent to approximately 450 billion litres of SAF adoption annually by 2050. The lower carbon intensity of SAF has garnered commitments for adoption from major global airlines, reflecting an environment ripe for transformative shifts and an expected increase in demand for FlyORO’s technology.

 Toby Chan, Co-Founder and Partner of Audacy Ventures commented: “SAFs play an essential role in our global efforts to decarbonize the aviation industry. Audacy is excited to back the FlyORO team to be an innovative enabler to the SAF supply chain and assist in scaling their modular on-demand blending solution internationally.”

The proceeds from the pre-Series A round will be instrumental in accelerating ongoing projects and supporting FlyORO’s international expansion efforts. The initial focus will be on strategic initiatives in both the Australian and United States markets.

FlyORO’s modular SAF blending technology, AlphaLite, offers flexibility and control to flyers. The technology is backed by the company’s proprietary programming technology which receives a regular software update once every 6 months to increase the efficiency of its operations.

The data contributes to pushing industry limits and raising the blend ratios to commercial scale, hoping to help surpass the current 50% SAF blend limit. FlyORO’s AlphaLite empowers aircraft operators to make better informed decisions regarding SAF adoption, considering factors from cost parity to feedstock quality.

Looking ahead, FlyORO plans to commence the next financing round in the second half of 2024, continuing its trajectory of innovation and commitment to sustainable aviation practices.