SkyX receives capital injection of over £7m as it targets global growth

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Canadian firm SkyX has announced that the company has secured around £7.3m in Series B funding from the Almond Tree SkyX Limited Partnership, led by Almond Tree Enterprise Inc.

This, SkyX’s second round of financing, has brought its total funding to £12.2m and comes just two-and-a-half years after the company was founded.

The new capital will support SkyX in executing contracts with clients and its plans to move forward with new and existing strategies to support global demand from utilities and oil and gas corporations.

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SkyX’s autonomous systems capture complex high-resolution data and deliver easy-to-understand, actionable results to clients.

The company’s drones use a variety of sensors to gather a vast array of customized data, enabling clients to take charge of what has previously been an expensive and complex task in monitoring long-range assets like oil and gas pipelines.

President and CEO of Almond Tree Enterprise, Mark Mandelbaum, said: “SkyX has shown tremendous growth since its founding. The company’s amazing technology and continuous product innovation, coupled with its ability to assemble world-class executive and engineering teams at this early stage in the company’s life cycle, is a testimony to its incredible promise and growth potential.  SkyX is a true leader in the drone data revolution.”

SkyX is a Toronto-based company that builds autonomous vehicles for long-range asset monitoring and data acquisition.

CEO and founder of the company, Didi Horn, said: “We are currently in talks with a number of big energy companies from around the globe intent on employing our services. Daily requests for trials and demonstrations reinforces the tremendous promise of this new category of long-range drone-driven data services. With the Almond Tree/SkyX LP’s cash infusion, we are eager to accelerate our go-to-market strategy.”

Tags : Almond TreeFundingSkyX
Alex Douglas

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