Drone startups increasingly are being targeted by venture investors due to expected growth in the sector amid technological advancements and federal approvals.
In the latest deal, Volansi Inc., which offers drones that can deliver machine parts and other cargo to industrial companies and the military, raised a $50-million Series B round led by Icon Ventures.
This comes after Amazon.com Inc. received Federal Aviation Administration approval in August to establish a drone fleet to make package deliveries.
Volansi's Daniel Buchmueller said the company attracted investor interest by merging the use of lithium polymer batteries with internal combustion engines, which means each newer drone model can carry up to 20 pounds of cargo and has a range of about 350 miles.
These technological advancements also enhance its ability to perform mapping and reconnaissance missions for companies or the military.
From The Wall Street Journal
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