San Francisco-based Volansi, the firm that provides logistic solutions to its clients through autonomous drone deliveries that facilitate long range, time-critical shipments has announced raising $50 million in a fresh round of financing.
Dubbed as Series B, the financing has been led by Icon Ventures and is supported by existing investors Lightspeed Venture Partners and Y Combinator. Harpoon Ventures and Merck Global Health Innovation Fund are the new entrants who participated in the round that takes the total amount raised by the company to $75 million.
Before this round, Volansi had received $20 million in its Series A funding in May 2019 which was led by Lightspeed Venture Partners.
Hannan Parvizian, and Wesley Zheng founded the company in 2015. Volansi has been active in drone-making for a while. It had launched a drone in 2017 which it showcased and achieved an impressive feat as their drone went for a 100-mile flight. At this moment of time, the firm has two of their primary drones named Voly C10, which can move 10 pounds up to 50 miles and the M20, which the company claims has a 350-mile range, hitting speeds of up to 75 MPH.
With COVID-19 around, the delivery of shorter as well as longer routes have become really critical. Medical emergencies during these times are one of the most important aspects of urgent deliveries and the drones by Volansi. The firm counts both enterprise as well as government clients who have been using the services of the firm for now.
They will use the freshly raised funding for expansion in the current market in the U.S. They will also use the finances to increase their headcounts and launching new projects.
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