Volansi, a US-based drone maker has closed $50 million in a Series B round of funding to expand its middle-mile drone delivery services in emerging markets and in the US.
The round was led by Icon Ventures, with Lightspeed Venture Partners and YCombinator paticipation in the round. New investors Harpoon Ventures and Merck Global Health Innovation Fund joined the round.
This new funding will allow Volansi to build on current momentum by expanding its team, launching new projects and scaling current initiatives in both emerging markets and in the US. Joe Horowitz, managing partner of Icon, and Barry Eggers, founding partner of Lightspeed, will join its Board of Directors.
“The combination of our best in class cargo drones and unique software platform set us apart from others in the industry,” said Hannan Parvizian, CEO and Co-Founder of Volansi. “Closing our Series B with such high-quality investors, especially during these challenging times, is further testament to the venture capital community’s confidence in our business and will allow us to keep pushing the envelope of mobility and robotics.”
With $25 million of prior capital provided by Lightspeed and other investors, Volansi developed and brought to market first-of-their-kind autonomous drones, which have already performed operations in Africa, the Caribbean, and the US.
“The drone market is very crowded with all sorts of players, but after getting to know Hannan and his team and doing an extensive amount of due diligence, especially with Volansi’s key customers and distribution partners, it became abundantly clear that the company is well-positioned to rapidly build a huge business,” said Joe Horowitz of Icon. “We are particularly excited about Volansi’s unique ability to address the medical community with urgent vaccine delivery, particularly in looking ahead to a post-COVID world.”
“The Volansi team has made significant progress since Lightspeed led the company’s Series A back in 2019,” said Barry Eggers, founding partner of Lightspeed. “We’ve been impressed by the leadership and team’s ability to innovate and execute, and we are looking forward to deepening our partnership during this next phase of growth.”