US-based Skydio, a drone manufacturer and leader in autonomous flight, raised US$ 170 million in Series D funding on 1 March 2021.
Investors: The funding round was led by Andreessen Horowitz’s Growth Fund with participation from existing investors Linse Capital, Next47 and IVP, along with new investor UP Partners. This brings the total funding raised to over US$ 340 million with a current valuation of over US$ 1 billion.
Purpose of Funding: The Series D funding will be utilized to accelerate Skydio’s product development and global sales expansion as there is a growing demand for its autonomous drone solutions.
About Skydio
Founded in 2014 by Abraham Bachrach, Adam Bry and Matt Donahoe, Skydio is a drone manufacturer that uses artificial intelligence to create flying drones for consumers, enterprises and the government as well. Skydio’s drones deliver power and flying cameras without complexity. Its drones use cameras and proprietary computer vision technology for recognizing, avoiding objects in real-time and predicting the future to make intelligent decisions.
The drones allow users to go through the most demanding tasks and keep them safe from obstacles when they want to take control. The company’s second drone – Skydio 2 was released in 2019, costing almost half the price of the first one, with improved autonomous tracking and video capabilities. Its flagship product, the X2 is equipped with seven cameras, 100x zoom and night vision.
What the investors have to say: “The initial wave of hype around enterprise drones passed many years ago, but we’re now seeing these markets really mature. Autonomy is the key for drones to reach scale, and Skydio has established itself as the defining company in this category. We’re excited to continue to invest in this magical combination of breakthrough technology, rapid growth and an incredible team in a market that’s going through an inflection point.” — David Ulevitch, General Partner at Andreessen Horowitz.
“From the moment we met the Skydio team and saw the X2 in action, we knew this was going to be a world-changing company. Think of all the dangerous jobs requiring ladders, harnesses or helicopters to do work that can now, with Skydio, be done much more safely and efficiently. Autonomous drones will enable our ageing infrastructure to be monitored much more effectively and our first responders will have greater situational awareness than ever before.” — Bastiaan Janmaat, Partner at Linse Capital.
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