- 9 January 2019
- Transport / Logistics Services
Drone delivery company Flytrex has raised funding to invest in its North Dakota and Iceland operations as well as preparing for a launch in North Carolina. The company has announced it has won $7.5 million in Series B funding, bringing the company’s total to $11 million. The round is led by Benhamou Global Ventures (BGV) with additional investment from btov.
The money raised by Flytrex is to scale-up its operations and technology, improving existing drone delivery services in Iceland and North Dakota, and prepare for the company’s 2019 North Carolina launch as part of the U.S. Federal Aviation Authority’s (FAA) Unmanned Aircraft System (UAS) Integration Pilot Program.
“Drone delivery is taking off, and we are delighted that BGV and btov will be joining us in making drone deliveries a global reality,” said Yariv Bash, CEO and Co-Founder of Flytrex. “This investment is a vote of confidence in Flytrex’ ongoing success propelling the drone industry forward and in our vision of making UAV delivery the rule rather than the exception.”
Flytrex has taken the lead in drone delivery services. It runs a fully autonomous drone delivery service in Reykjavik and a drone delivery system on a North Dakota golf course. Its patented “InAir” wire-drop system, for example, employs a tethered cord that gently lowers the package to the ground after the customer confirms on Flytrex’s phone app that they are in position nearby – maximizing safety and drastically lowering noise-pollution.
“BGV prides itself on championing the next class of groundbreaking entrepreneurs and visionaries, and the team piloting Flytrex fits the bill perfectly,” said BGV. “Their technological knowhow and impressive track record of bringing commercial drones to new global markets puts them squarely in the pilot’s seat of the drone revolution. This investment supports the growing recognition that drones represent a far more cost-effective, efficient, safe and environmentally friendly form of last-mile transportation. We believe that with Flytrex, the sky’s the limit.”