3DR Expands Series C Funding to $64 Million

Today we’re announcing an expansion of our Series C round of financing, from the earlier $50 million to now $64 million. With this expansion in funds we’re also expanding our investor base geographically, with new investors from Asia and Europe leading the additional injection. We’re historically a global organization, springing from an international developer community that is now the world’s largest open robotics community, and with our new drone, Solo, we’re now taking an advanced consumer platform into new international markets. This is just the beginning of a new global future for 3DR.

The additional funding is led by WestSummit Capital, with additional global investors from AsiaEurope and the U.S. participating, including SanDisk Ventures and Atlantic Bridge Ventures. We initiated the Series C financing with $50 million in investment led by Qualcomm Ventures, with Foundry Group, True Ventures, OATV, Mayfield, Shea Ventures. We’ll leverage the expertise and market knowledge from this diverse investor base to lead innovation in the dynamic and rapidly expanding global UAV market.

“3DR’s roots are in a worldwide, open developer community, so creating an equally expansive global organization is a key part of company strategy,” said Chris Anderson, CEO of 3DR. “China is emerging as a world leader in drone technology and production, and many of the innovative companies there are already using 3DR platforms. We see tremendous opportunity to work with investors and experts in these markets to extend that lead and work more closely with innovative young companies.”

“We’re active investors in the Internet of Things market and see huge promise in 3DR as a leader in next-generation robotics,” saidDavid Lam, Managing Director of WestSummit Capital. “IoT is a truly international market where software meets hardware and East meets West, and 3DR has developed an incredibly advanced and globally adopted drone software and hardware platform. WestSummit Capital’s China Value Creation capabilities match perfectly with 3DR’s cross-border business, embracing Silicon Valley innovation, Asian manufacturing, global competition and the global market.”

“We strongly believe in 3DR’s vision in becoming the leading open platform for developers in the drone market. Our investment strategy in the IoT, computer vision and robotics sectors, combined with our presence in the European, American and Asian markets, will complement and support 3DR’s strategy to be a global leader in the burgeoning drone industry,” said Brian Long, General Partner, Atlantic Bridge Ventures.

Read the full press release here.

The post 3DR Expands Series C Funding to $64 Million appeared first on 3DR | Drone & UAV Technology.

via 3DR Expands Series C Funding to $64 Million

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