Flytrex secures $9.3M in funding from venture and tech grant

Flytrex funding venture grant

Drone delivery company Flytrex has announced it has secured $9.3 million in funding from venture companies and a technology grant. The funding round saw the company receive $8 million and was led by Benhamou Global Ventures (BGV) and btov.

The other $1.3 million in funding came from the Israel Innovation Authority to help Flytrex further advance its technology and scale its operations.

The $9.3 million will be used to expand its presence in the United States and improve its production and research and development capabilities.

The news comes shortly after Flytrex began participating in the Federal Aviation Administration’s (FAA) UAS Integration Pilot Program (IPP) and the newer DEYOND program. The FAA has also listed Flytrex as being one of the drone companies to gain an airworthiness certification.

Yariv Bash, CEO and cofounder of Flytrex, shared:

“Our mission is to make widespread on-demand drone delivery the rule rather than the exception – and this funding is a vote of confidence from our investors that we are indeed on the way to making this a reality. Our systems are in the final stages of receiving key certification from the Federal Aviation Administration, helping us launch the drone delivery revolution across the U.S.”

Recently, Flytrex began delivering goods in partnership with Walmart to people living in Fayetteville, North Carolina. The delivery drones are from Flytrex and will be flown using a cloud-based system. Unlike other drone delivery networks, the drones will deliver the goods right to the customer’s door rather than a nearby depot or pick-up point.

The Flytrex drone can fly at 32 miles per hour and can fly a distance of 3.5 miles and back at an altitude of 230 feet. It can carry up to 6.6 pounds of groceries — around six to eight hamburgers — in winds of up to 18 miles per hour.

Barak Ben Avinoam, managing partner at BGV Europe and Israel, added:

“It’s been thrilling to watch Flytrex become a world leader in the drone delivery space with multiple airborne delivery systems around the world. The Flytrex team is trailblazing both innovation and implementation in the drone industry, and we look forward to seeing their airborne delivery reach more and more delighted consumers across the globe.”

Check out the rest of coverage on Flytrex and the amazing work it is doing.

Photo: Flytrex

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