Verity Studios AG, the global indoor drone technology specialist, has been crowned the ‘most well capaitalised’ company operating within the indoor drone sector.
The Swiss company has announced it has raised $18m (£14.5m) in a Series A funding round, which it plans to use to expand its live events business, with a heavy focus on US growth, as well as to expand into other commercial verticals.
Fontinalis Partners, a venture capital firm, led the round. Other investors include Airbus Ventures, Sony Innovation Fund, and KittyHawk.
“Verity has assembled an exceptional team, with credibility, valuable IP, and extensive technical know-how, all while building a fast-growing business in the live events market,” said Chris Cheever, co-founder and partner at Fontinalis.
“Our firm was founded to invest in and help scale the world’s best mobility technologies, and what Verity has developed has broad applicability beyond entertainment, in the drone industry and in many commercial contexts.”
As part of the financing, Cheever will be joining Verity’s board of directors to support its expansion.
Verity, which was founded in 2014, was the first company to bring autonomous indoor drones to live events. Founder Raffaello D’Andrea, was a co-founder of Kiva Systems, which was acquired by Amazon in 2012 and is now operating as Amazon Robotics.
He said: “We worked hard to identify the right investors who share our vision for Verity. We are thrilled to work with our new investment team to accelerate our growth and expand operations.
“We will continue to deliver cutting-edge robotics and AI to live events to create new forms of expression, while pioneering new live event technology.”