ETF Partners invests $3.5 million into European drone leader “Flyability SA”
ETF Partners today announced it has made a $3.5 million investment into European drone leader Flyability SA from its Environmental Technologies Fund 2.
Flyability is a rapidly growing manufacturer of commercial drones that are revolutionising the industrial inspection market. The environmentally friendly unmanned aerial vehicle (UAV) provides inspection services for critical industries such as Utility, Oil & Gas, Nuclear, Shipping and Mining.
Flyability’s UAV allows such companies to enhance their preventative maintenance efforts and critical incident response, which means avoiding or mitigating environmental disasters, saving lives and keeping workers out of harm’s way.
Flyability’s breakthrough technology enables its drones to operate in confined spaces and dangerous areas where humans and competing robots cannot. Flyability’s novel solutions result in both improved inspections and lower costs.
The Swiss based company was founded in 2014 as a spin-off from the Ecole Polytechnique Federal de Lausanne and the Laboratory of Intelligent Systems.
Patrick Thévoz, co-founder and CEO of Flyability, said: "With this Series A investment, we have the resources to significantly ramp up our production and meet the growing demand we are facing in our target markets. We are also preparing our expansion into new markets, notably in search & rescue and security, and preparing a product more geared towards the mass market."
Rob Genieser of ETF Partners said, "Flyability is really taking off and we get a great buzz out of helping them reach for the skies. Great entrepreneurs build great companies, and the team at Flyability is addressing a serious need to make inspection services better and more efficient."
Remy de Tonnac of ETF Partners said: "Given the often-justified hype regarding drones, investors around the world are seeking drone technologies with demonstrable industrial applications. In such a buoyant market it is very rare to find a team like Flyability that have deliberately ignored existing technology to invent a breakthrough unique patented approach. By mimicking the flight pattern of insects and their ability to deal with obstacles, Flyability has developed something truly novel and commercially compelling."
Learn more about Flyability: www.flyability.com
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