Israeli drone delivery company Flytrex announced today that it has raised $7.5 million in a Series B financing round led by Benhamou Global Ventures (BGV) with additional investment from btov. The Tel Aviv based company has now raised $11 million to date.
The funds will be used to scale-up Flytrex’s 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 US Federal Aviation Authority’s (FAA) Unmanned Aircraft System (UAS) Integration Pilot Program.
Flytrex CEO and cofounder Yariv Bash saids, “Drone delivery is taking off, and we are delighted that BGV and btov will be joining us in making drone deliveries a global reality. This investment is a vote of confidence in Flytrex’s ongoing success propelling the drone industry forward and in our vision of making UAV delivery the rule rather than the exception.”
Since launching the world’s first fully autonomous urban drone delivery system in Reykjavik in 2017 and the first fully operational golf course drone delivery system in the US in North Dakota last year, Flytrex has continued to help the industry reach new heights.
Flytrex’s 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.
Flytrex’s solution represents a boon for smaller and mid-sized retailers looking to keep pace with the e-commerce giants, as they now have access to an affordable and efficient drone-based service that will meet consumers’ ever-growing demand for faster deliveries.
Published by Globes, Israel business news - en.globes.co.il - on January 9, 2019
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