May 22 2015
CyPhy Works, a leading drone company and developer of advanced unmanned aerial vehicles (UAVs), today announced Draper Nexus as a key new investor in the MA-based company.
The addition of this premier value-added investor with its unmatched international networks will help CyPhy Works to rapidly further its commercialization plans in the US and abroad. The funds will support hiring in the areas of data management and analytics, commercial partnerships, product management and mechatronics.
CyPhy Works has developed a drone technology and business roadmap that pioneers use of a "microfilament tether". This microfilament enables long-duration or persistent flight with secure streaming of high-speed data and high-definition video. The company currently has released two products: PocketFlyer and PARC.
Comments on the News
"As a firm that is looking closely at the emerging sector of next generation robotics, intelligent automation solutions, and Big Data, we were deeply impressed by the depth of CyPhy Work's technology, an unmatched team of roboticists, an intense focus on serving their customers and changing the world," said Wasiq Bokhari, venture partner at Draper Nexus. "We will be working very closely with the CyPhy Works team to help deliver best-in-class solutions for global customers."
"I'm thrilled for the opportunity to partner with a firm like Draper Nexus," said Helen Greiner, CyPhy Works CEO. "They have a storied history of enabling significant customer development opportunities for their portfolio companies in Asia, and together we'll focus on taking our disruptive technologies and business models to international markets."
"We are excited to work with Draper Nexus on internationalization of our products," said Kristen Helsel, CyPhy Works VP commercial systems, "The drone market overseas has been developing rapidly and it is ripe for persistent, rugged vehicles for heavy industries such as public safety, construction, mining, and inspection amongst others."
CyPhy Works also recently announced a strategic investment and partnership with Motorola Solutions. To date, CyPhy Works has received investments from other bicoastal VC firms like Lux Capital, General Catalyst and Felicis Ventures.