Flytrex successfully secures a USD 7.5m Series B
btov Partners invests in drone delivery start-up:
- Follow-on investment round with fresh capital from Benhamou Global Ventures and btov Partners
- Second btov investment in Israel next to artificial vision pioneer OrCam
St. Gallen/Berlin, 9. Januar 2019 – Swiss venture capital company btov Partners started the new year with an investment into Israeli drone delivery start-up Flytrex. Together with Benhamou Global Ventures, btov took part in the high-tech company’s Series B financing round of USD 7.5 million.
Flytrex is an innovative logistics and technology provider and developer of a drone delivery management system that enables the management of larger, autonomous drone fleets for logistics purposes, simplifying shipping and significantly increasing delivery process efficiency. The company was founded in late 2013 in Israel and today offers an autonomous and insured on-demand drone delivery service. Flytrex’s core technology is reflected in its drone delivery system, a cloud-based control system that enables the integration of industrial drones into a scalable on-demand delivery fleet.
An important milestone was reached in the summer of 2018 when Flytrex became one of only two companies to join the U.S. Federal Aviation Administration (FAA) drone pilot program to test B2C drone deliveries over the next two years. Flytrex has thus established a position in which it can play a key role in the creation and development of a drone delivery ecosystem in the United States. Another important element in the company’s track record is its partnership with the Icelandic online marketplace AHA to implement an on-demand delivery service in the capital Reykjavik in 2017.
Yariv Bash, CEO and co-founder of Flytrex, said: “Together with our investors, we are working towards making drone deliveries an everyday reality. The inclusion in the FAA’s drone pilot program shows that we are on the right track”.
“The Israeli start-ups with which we have worked so far are distinguished by their outstanding technological innovation potential. With Flytrex, Yariv is on the way to revolutionizing the drone delivery market and actively shaping the regulatory environment. We passionately support this pioneering achievement,” says Luca Martinelli, responsible partner at btov.
btov Partners is known for the active involvement of its network of private investors, through which the btov Digital Tech Fund first made contact with Flytrex. After the investment in OrCam in 2013, btov is now realizing its second investment in an innovation company from Israel. OrCam is a pioneer of intelligent AI-based mini-cameras for the blind and visually impaired and has been one of the unicorns of btov’s investment portfolio since the last funding round in February 2018.
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