Orlando-based Hoverfly Technologies Inc. received a big investment. The drone company reportedly raised roughly $10.7 million in equity, according to an August 17th filing with the U.S. Securities and Exchange Commission.
Orlando-based drone company Hoverfly receives $10M investment
According to a filing from August 17th with the U.S. Securities and Exchange Commission, Orlando-based Hoverfly Technologies Inc. raised about $10.7 million in equity. The dronemaker has secured more than $20 million in equity and debt since 2016, according to information from the SEC.
The SEC filing does not provide any information on which investors are involved. The Orlando Business Journal did reach out to Hoverfly but its executives could not be reached for comment.
Hoverfly produces tethered drones that can stay in the sky for prolonged periods of time as long as they are connected to a power source. Hoverfly’s drones are typically used by defense, media, security, and public safety.
In October 2019, Hoverfly was awarded a $10 million government contract for its LiveSky drones that provide aerial surveillance.
The photo shows Hoverfly’s founder and CTO, Al Ducharme on the controls of one of Hoverfly’s drones.
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Photo credit Orlando Business Journal / Jim Charchidi