July 23, 2007
Aspen Avionics Reveals New Product And Funding
New Mexico — July 23, 2007 — Aspen Avionics Inc. announced Monday at AirVenture 2007 in Oshkosh, Wis., the launch of its new Evolution Flight Display System and the close of an $8.5 million series B round of funding.
The new display system, dubbed the EFD1000, allows general aviation aircraft with old analog systems to upgrade their cockpit displays to digital technology at an affordable price.
The product offers three models of primary flight display (PFD) starting at $5,995, and two models of multi-function display (MFD) starting at $4,995. With the different models, the EFD1000 allows aircraft owners to upgrade to glass cockpit technology all at once, or in stages.
“Easy and inexpensive software upgrades add new features and capabilities while future-proofing the system and protecting owners' investments,” said Doug Cayne, vice president of marketing, in a news release.
“At Aspen Avionics, we believe that installing the latest avionics technologies and safety advances in GA aircraft shouldn't have to mean emptying your bank account,” Cayne said. “And you shouldn't have to throw out the old every time you want to add something new.”
Aspen President and CEO John Uczekaj also announced today the closing of an $8.5 million round of financing led by Wasatch Venture Fund and joined by Sun Mountain Capital.
Aspen received an initial seed investment in December 2005 from four firms that included Granite Ventures, vSpring Capital, Wasatch and Fort Washington Capital Partners. All four original investors matched or increased the size of their original investments in the new round, and Sun Mountain joined as a new investor, Uczekaj said.
“We are extremely pleased by the confidence our investors have shown in Aspen's strategy and progress,” he said. “This round of funding ensures that Aspen has the resources to continue to build a major avionics company, delivering state-of-the-art products and world-class support to our customers.”
Meanwhile, Aspen also announced that avionics industry veteran Peter DiFanti has been named director of sales. DiFanti will spearhead marketing for the new EFD1000 and establish both a dealer network and customer care program for that and other products.
DiFanti was previously director of sales in the eastern U.S. for The NORDAM Group. Before that, he worked for 20 years at Honeywell Aerospace's Business Regional & General Aviation division, where he was a regional team leader managing sales for the eastern half of the U.S.
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