Key Takeaways
- • Elroy Air named Jeremy Hux Chief Financial Officer, effective immediately, as the autonomous heavy-cargo drone developer prepares to enter the public markets.
- • Hux brings more than 25 years of investment banking and private equity experience, having advised on more than $50 billion in financing and M&A transactions, and previously served as CFO of UPSIDE Foods and Manus Bio.
- • Hux will oversee capital markets strategy, financial reporting, accounting and treasury functions, working alongside CEO Andrew Clare.
- • The appointment follows a contract worth up to $46 million with the U.S. Army and a planned business combination with Inflection Point Acquisition Corp. VII (Nasdaq: IPXG), expected to close in the fourth quarter of 2026.
Summary
Elroy Air, a San Francisco-based developer of autonomous heavy-cargo drones for defense, rapid response and commercial logistics, has named Jeremy Hux as Chief Financial Officer, effective immediately, according to a Business Wire announcement. The company is preparing to become a publicly traded company and to scale production of its uncrewed, autonomous VTOL aircraft, the Chaparral, to meet demand across commercial and defense markets.
Hux previously spent more than two decades in investment banking and private equity at firms including Morgan Stanley, Credit Suisse and Marathon Capital, where he advised on more than $50 billion in financing and M&A transactions across semiconductors, memory, EVs, fuel cells, charging, renewable fuels and chemicals, and biomanufacturing. He most recently served as CFO of UPSIDE Foods and previously as CFO of Manus Bio. In his new role, he will oversee Elroy Air's capital markets approach, financial reporting, accounting and treasury functions, and will guide company strategy alongside CEO Andrew Clare. Clare said Hux brings "a rare combination of deep-tech operating experience and tier-one capital markets pedigree" to the company.
The appointment follows several recent developments. Elroy Air was recently awarded a multi-year contract worth up to $46 million with the U.S. Army. In the summer, the company was the first to fly an uncrewed, autonomous drone in the National Airspace System under the FAA and U.S. Department of Transportation's eVTOL Integration Pilot Program (eIPP).
In June, Elroy Air entered into a definitive business combination agreement with Inflection Point Acquisition Corp. VII (f/k/a Columbus Circle Capital Corp II), a special purpose acquisition company led by the management team of Inflection Point Asset Management and Cohen & Company, Inc. Upon closing, Elroy Air will become publicly traded. The transaction is expected to close in the fourth quarter of 2026, subject to customary conditions including regulatory and shareholder approval. Elroy Air is backed by venture capital firms including DiamondStream Partners, Catapult Ventures, Marlinspike Partners, Snowpoint Ventures and Shield Capital, as well as strategic investment from Lockheed Martin Ventures.
Hux previously spent more than two decades in investment banking and private equity at firms including Morgan Stanley, Credit Suisse and Marathon Capital, where he advised on more than $50 billion in financing and M&A transactions across semiconductors, memory, EVs, fuel cells, charging, renewable fuels and chemicals, and biomanufacturing. He most recently served as CFO of UPSIDE Foods and previously as CFO of Manus Bio. In his new role, he will oversee Elroy Air's capital markets approach, financial reporting, accounting and treasury functions, and will guide company strategy alongside CEO Andrew Clare. Clare said Hux brings "a rare combination of deep-tech operating experience and tier-one capital markets pedigree" to the company.
The appointment follows several recent developments. Elroy Air was recently awarded a multi-year contract worth up to $46 million with the U.S. Army. In the summer, the company was the first to fly an uncrewed, autonomous drone in the National Airspace System under the FAA and U.S. Department of Transportation's eVTOL Integration Pilot Program (eIPP).
In June, Elroy Air entered into a definitive business combination agreement with Inflection Point Acquisition Corp. VII (f/k/a Columbus Circle Capital Corp II), a special purpose acquisition company led by the management team of Inflection Point Asset Management and Cohen & Company, Inc. Upon closing, Elroy Air will become publicly traded. The transaction is expected to close in the fourth quarter of 2026, subject to customary conditions including regulatory and shareholder approval. Elroy Air is backed by venture capital firms including DiamondStream Partners, Catapult Ventures, Marlinspike Partners, Snowpoint Ventures and Shield Capital, as well as strategic investment from Lockheed Martin Ventures.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.