San Francisco-based VIRES Aeronautics, which develops airplane wing designs, has raised $1 million in a Series AA round of financing. Draper Associates led the funding round with participation from Lemnos Labs, VegasTechFund, Promus Ventures, Lance White, Don Hutchinson and Toivo Annus.
VIRES Aeronautics, developers of a revolutionary airplane wing design, today announced a $1 million Series AA round of financing. The funding will enable VIRES Aeronautics to meet increasing customer demand for extended flight time in the rapidly growing industry for unmanned aerial vehicles. Draper Associates led the round with participation from Lemnos Labs, VegasTechFund, Promus Ventures, Lance White, Don Hutchison, and Toivo Annus.
“This is the first true innovation in aviation since the jet engine,” explained Tim Draper, Partner at Draper Associates. VIRES Aeronautics’ novel wings allow aircraft to takeoff and land faster, fly longer, carry more, and consume less fuel. Drones are just brushing the surface, whereas their technology also has the capacity to disrupt a myriad of other markets including, but not limited to, automobiles, submarines, ships, turbines, and trains.
The aerospace industry is a lucrative and promising opportunity that investors are just beginning to explore. The commercial-operated drone market in the United States alone is anticipated to reach $90b in 2015, presenting an unparalleled opportunity for VIRES Aeronautics to penetrate and disrupt a previously stagnant industry.
“We look for startups whose technology is game-changing and whose impact is straight forward,” said Jeremy Conrad, Partner at Lemnos Labs. “VIRES Aeronautics’ unique solution significantly improves the capability of drones to change our lives, and that is just the first of many markets their technology can impact. We’re excited to help them fulfill that vision.”
About VIRES Aeronautics, Inc.
VIRES Aeronautics created a revolutionary wing design for small to mid-sized unmanned aerial vehicles, enabling faster takeoff and landing, increased payload capacity, improved maneuverability, extended range, and reduced fuel consumption. Founded in 2012 and headquartered in San Francisco, CA. For more information, visit: http://www.viresaero.com
SOURCE VIRES Aeronautics