Tel Aviv-based Flytrex, a drone technology company, has raised $7.5 million in Series B funding. Benhamou Global Ventures led the round.
(Tel Aviv – January 8th, 2019) – Leading drone technology company Flytrex announced today that it has raised $7.5 million in Series B funding, bringing the company’s total to $11 million. The round is led by Benhamou Global Ventures (BGV) with additional investment from btov. 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 U.S. Federal Aviation Authority’s (FAA) Unmanned Aircraft System (UAS) Integration Pilot Program.
“Drone delivery is taking off, and we are delighted that BGV and btov will be joining us in making drone deliveries a global reality,” said Yariv Bash, CEO and Co-Founder of Flytrex. “This investment is a vote of confidence in Flytrex’ 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 U.S. 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 (watch here).
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.
“BGV prides itself on championing the next class of groundbreaking entrepreneurs and visionaries, and the team piloting Flytrex fits the bill perfectly,” said Barak Ben-Avinoam, Managing Partner, BGV Europe & Israel. “Their technological knowhow and impressive track record of bringing commercial drones to new global markets puts them squarely in the pilot’s seat of the drone revolution. This investment supports the growing recognition that drones represent a far more cost-effective, efficient, safe and environmentally friendly form of last-mile transportation. We believe that with Flytrex, the sky’s the limit.”
Flytrex provides comprehensive autonomous drone delivery systems that enable any business, from SMBs to e-commerce giants, to integrate same-day autonomous drone delivery into their offering. From facilitating the regulatory process to providing the drones, a cloud-based drone management system, insurance and maintenance, Flytrex is an end-to-end drone logistics service spearheading the drone revolution. Headquartered in Tel Aviv, the Flytrex team has 50+ years aerospace and defense experience.