Tethered drone specialist Hoverfly Technologies has announced the successful close of its USD 20 million Series B funding round, led by existing investor Leonardo DRS and new partner Korea Robot Manufacturing (KRM).
The investment is the largest capital raise in the company’s history. Leonardo DRS invested USD 15 million in this round. As part of the investment, Hoverfly signed a manufacturing agreement with DRS to expand production of the Hoverfly Sentry and to launch a new production line for the Hoverfly Spectre system.
KRM is a South Korean engineering and manufacturing company specialising in sensors and advanced technologies for quadrupedal robots and uncrewed aerial systems. KRM invested USD 5 million in this round. As part of its US expansion, KRM will partner with Hoverfly to establish a new facility dedicated to the domestic production of key components.
Both DRS and KRM will now serve as official resellers and integrators of Hoverfly’s Sentry and Spectre systems.
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