Louisiana, USA-based reality data-capturing technology company FlyGuys raised USD 10 million in Series A. The round took place on October 25, 2023. Prominent investors led the financing for the company. Previous investors, such as Mitchell Capital and Advantage Capital, provided the investment.
Purpose of financing for FlyGuys
With the latest investment, FlyGuys is poised to catalyze relentless innovation. The company further seeks to create a scalable software solutions platform. It also has plans to strengthen the company’s nationwide influence.
The funds raised in this Series A funding will further enrich the strategic initiatives of the company. FlyGuys intends to drive reach, reliability, as well as capacity nationwide. The company’s plan for the funding is listed below:
- Community Engagement: Generate employment opportunities at both local as well as national levels, fostering economic growth.
- Software Scalability: Develop a robust software platform allowing seamless expansion, ensuring easy access for data-seekers.
- Enhanced Nationwide Presence: Strengthen market reach as well as establish connections with data-seekers across diverse industries.
What the company’s official has to add
Joe Stough, CEO of FlyGuys, added, “Since I stepped in from the Board Chairman role a year ago, we’ve been reshaping FlyGuys’ business model to fulfil the need for a nationally scaled online marketplace for reality data capture. We are channelling this new capital infusion towards the creation of a highly scalable, cloud-based platform designed to connect the demand across various vertical markets, such as construction, agriculture, green energy, telecommunications, insurance, and more, with our extensive network of local data capture providers, predominantly comprised of drone pilots, spanning every state in the nation. I’m excited to work with this talented and motivated team to bring another tech startup to Louisiana and make an impact by creating jobs locally everywhere in the nation.”
What the investors have to comment
J.P. Lynch, Vice President of Advantage Capital, further said, “When we first invested in FlyGuys in 2021, we were intrigued by the innovative nature of the company and its early growth in a fast-growing industry. Today, we are eager to see what is next for the company and confident it will continue to make strides as a leading reality data capture company while also creating quality jobs in the local community.”
In addition, Paul Tyree, CEO of Mitchell Capital, said, “Our enthusiasm for backing FlyGuys is grounded in our faith in the expertise and vision of their management team. They are constructing an innovative, technology-driven business that consistently delivers exceptional value to their clients.”
About the company
Adam Zayor and Timothy Handley launched the company in 2014. FlyGuys is a leader in the reality data capture online marketplace for businesses across various industries.
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