- 15 September 2020
- Transport / Logistics Services
Middle mile delivery drone delivery company Volansi Inc has raised US $50 million in Series B funding.
The vertical take-off and landing (VTOL) drone delivery company’s funding was led by Ventures, supported by five other investors – Lightspeed Venture Partners and Y Combinator as well as new investors Harpoon Ventures and Merck Global Health Innovation Fund.
In addition to the funding round, Volansi has announced that Joe Horowitz, managing partner of Icon and founding partner of Lightspeed Barry Eggers are also to join the Volansi Board.
Volansi already works with the US Department of Defence and a number of enterprise companies, delivering time-critical parts and urgent medical supplies. The new funding is to expand the company’s team, begin new projects and scale its current initiatives both within the US and emerging markets.
“The combination of our best in class cargo drones and unique software platform set us apart from others in the industry,” said Hannan Parvizian, CEO and Co-Founder of Volansi. “Closing our Series B with such high-quality investors, especially during these challenging times, is further testament to the venture capital community’s confidence in our business and will allow us to keep pushing the envelope of mobility and robotics.”
“The drone market is very crowded with all sorts of players, but after getting to know Hannan and his team and doing an extensive amount of due diligence, especially with Volansi’s key customers and distribution partners, it became abundantly clear that the company is well-positioned to rapidly build a huge business,” said Joe Horowitz of Icon. â€œWe are particularly excited about Volansi’s unique ability to address the medical community with urgent vaccine delivery, particularly in looking ahead to a post-COVID world.”