Flybotix secures CHF 5.5 million to enhance drone navigation with its patented technologyTuesday 10 January 2023
Flybotix will use the funds to expand R&D on its ASIO drone and accompanying software. | © Flybotix
Flybotix, a specialist in confined space inspection drones, closed a Series A financing round in the amount of CHF 5.5 million to improve industrial safety and efficiency.
Drones are more and more widely used to inspect hard-to-reach and dangerous areas, but many of them are either inaccessible to most drones due to their very limited flight time or necessitate lengthy inspections. EPFL spin-off Flybotix’s novel ASIO drone doubles the flight-time compared to competition and is quieter than a lawn mower.
The recent Series A financing round in the amount of CHF 5.5 million was led by a Swiss Investment Holding advised by Schwartzkopff Partners. Several new investors participated in the round, in addition to the participation of existing investors. The financing part was covered by Technology Fund (The Fund offers loan guarantees to Swiss companies whose novel products contribute to a sustainable reduction in greenhouse gas emissions).
Having successfully entered the market with its ASIO drone, Flybotix will use the newly acquired funds to further develop the autonomous navigation capabilities of the drone. Flybotix offers the ASIO pro solution with the drone unit, the flight app, and the post-processing software ASIO Explore, which the company is further developing on the cloud as a SaaS.
A drone technology leader recognized by industry experts and investors
Flybotix participated in Venture Kick in 2019, winning CHF 50,000 to develop its drone technology and business model. It also participated in the Venture Leaders China program, which took deep-tech entrepreneurs on an investor roadshow in the economic hubs of Beijing, Tianjin, Shanghai, Shenzhen, and Hong Kong.
Flybotix also participated in the ESA BIC Switzerland program and the Scale-up Bootcamp in 2021. A jury of experts and investors also ranked the company among the TOP 100 Swiss Startups in 2020, 2021, and 2022. The start-up also earned a top spot in this year's TOP 100 Public Voting and participated in TOP 100 satellite events connecting investors with start-ups.