Hoverfly Technologies raises $20 million in Series B funding round

Hoverfly Technologies, a tethered drone systems provider, completed a $20 million Series B funding round led by Leonardo DRS (NASDAQ: DRS) and Korea Robot Manufacturing.

Leonardo DRS invested $15 million in the round and signed a manufacturing agreement with Hoverfly to expand production of the Hoverfly Sentry and launch a new production line for the Hoverfly Spectre system. Korea Robot Manufacturing invested $5 million and will establish a facility for domestic production of components.

"Our continued investment in Hoverfly Technologies reflects our unwavering confidence in their innovative tethered drone solutions," said Aaron Hankins, Senior Vice President and General Manager of the Leonardo DRS Land Systems Business Unit.

Both DRS and KRM will serve as resellers and integrators of Hoverfly's Sentry and Spectre systems. KRM becomes Hoverfly's exclusive manufacturer of key components through the partnership.

The Sanford, Florida-based company states it has sold over 800 tethered drones to U.S. and allied defense customers. Hoverfly's Spectre system is listed on the DIU Blue List as the only tethered drone.

The company reports that industry forecasts project the tethered drone sector will grow from approximately $140 million in 2023 to over $2.6 billion by 2032.

"This funding round marks a defining moment for our company," said Steve Walters, CEO of Hoverfly Technologies. "With the backing of world-class international partners like DRS and KRM, we are poised to rapidly scale operations, expand product offering, and capture new markets."

The information is based on a press release statement from the company.

You May Also Be Interested In

• Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
• Sky Quarry names Heidi Bowman as CFO
• Magna Holdings makes unsolicited bid for 31% of Yatra Online