Israeli startup Flytrex, which is developing a drone delivery solution, has raised $3 million, "TechCrunch" reports. The round was led by Swiss-based Armada VC, owned by Daniel Aegerter, as well as private angel investors Daniel Gutenberg and Joey Low with the participation of several unnamed private angel investors.
Based in Tel Aviv, Flytrex was founded by CEO Yariv Bash and Amit Regev.
Bash told "TechCrunch" that Flytrex began by creating a ‘black box’-style flight recorder and cloud service to track drones and is currently working in countries where regulators understand that drone delivery is an inevitability. He observes that different regulators have different concerns, from traffic control to consumer safety.
Bash said, "We believe drone deliveries to be a $100 billion opportunity in the years to come, this is not another app company with short term exit strategy, but a disruptive company with long term goal of changing the way consumers behave - complementing the instant online shopping experience all the way to the customer door step."
Flytrex’s platform designed for delivery companies or large retailers desiring to implement drone delivery. The platform provides a cloud solution for the tracking and management of delivery drones. The company is also developing drone hardware tailored for point-to-point or point-to-area delivery.
Published by Globes [online], Israel business news - www.globes-online.com - on January 4, 2017
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