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Drone delivery provider Flytrex lands $9M to scale US operations
Already testing drones in North Carolina, Israel-based company is working to finalize FAA certification
0 630 3 minutes read Flytrex, which is testing drone grocery delivery in North Carolina, has landed $9 million funding to help it scale production in the U.S. as it nears FAA certification. (Photo: Flytrex)
Flytrex, which is conducting a drone delivery pilot in North Carolina with Walmart (NYSE: WMT), has secured $9.3 million in additional funding to expand its operations and finalize Federal Aviation Administration (FAA) certification for drone deliveries.
Total funding for the company is now $20.3 million after it received $3 million in a Series A on Jan. 3, 2017, and an additional $8 million in a Series B on Jan. 8, 2019, according to Crunchbase. The latest round includes $8 million led by existing investors Benhamou Global Ventures (BGV) and btov and $1.3 million in the form of an Israeli Innovation
New financing will support company’s R&D and propel continued expansion in the U.S.
[Tel Aviv, Israel – March 17, 2021] Flytrex, a leader in on-demand drone delivery for food and retail, announced today the closing of an $8 million financing led by existing investors Benhamou Global Ventures (BGV) and btov. The financing complements a recently awarded grant from the Israel Innovation Authority for a total of $9.3 million. The funds will be used to expand Flytrex’s footprint across the U.S. and to continue to scale-up the company’s production and R&D capabilities.
The financing follows the company’s previous round in 2019, bringing total funding to $20.3 million.