UK-based Altitude Angel, a leading Unmanned Traffic Management (UTM) technology provider, recently received a new inflow of funds as VC investments in the drone industry continue. Altitude Angel has raised £ 4m (US $ 5.3m) from one of Europe’s largest VC investors, Octopus Ventures.
“The latest fundraiser completes Altitude Angel’s Series A Round, led by Octopus Ventures and existing investor Seraphim Capital. The total investment in Altitude Angel in 2020 is £ 7.05 million (US $ 9.4 million), ”Altitude Angel said in an announcement.
It’s been an outstanding year for VC investments in the drone industry. The $ 100 million raised by US drone maker Skydio set an industry record: Investments in drone manufacturing, software, unmanned traffic management and sensors will continue at an incredible pace. In the past few months, more than $ 60 million in capital has been raised for companies in the drone industry.
Altitude Angel has established itself as an industry leader, winning UTM contracts and deploying its solutions worldwide. The extra funding will help it grow. “The investment will allow Altitude Angel to leverage its reputation as a global leader in developing and deploying local and national UTM platforms to further expand its international presence, thereby accelerating the safe deployment of drones in the skies of the globe “, It says in the announcement. After opening the Dutch headquarters in September, the company will open local offices for its international partners and strengthen its presence in markets that will drive UTM growth through the first half of 2021. Octopus Ventures’ Zoë Chambers will join the Altitude Angel board of directors, led by former Microsoft executive Pieter Knook. “
Zoë Chambers, deep tech investor at Octopus Ventures, said, “We have long talked about the potential of drones to radically change all kinds of industries because the number of applications is huge but for them to be viable we need one System that can manage drones and ultimately other types of unmanned air traffic on a large scale.
“Altitude Angel’s technology solves this problem and enables the secure integration of highly automated drones into a country’s airspace. In this way, drones can be used to monitor infrastructure, deliver small packages or even provide important medical aids such as donor organs without disrupting normal air traffic.
“The market opportunity is enormous and we firmly believe that Altitude Angel’s UTM platform will be the blueprint for drone integration and the infrastructure layer for an unmanned air traffic network around the world. Richard and his team have made significant strides toward this goal and we look forward to working on the work to make their vision a reality. “
Richard Parker, Altitude Angel, Founder and CEO, added: “Altitude Angel has consistently broken new ground in developing and deploying Unified Traffic Management technology and pioneered the integration of UTM into existing ATM systems and networks (Air Traffic Management). Our partnership with Octopus Ventures and the investments they have made in our business will allow us to build significantly on the foundations we have laid in recent years.
“The significant investments in our company over the course of 2020 – at a time of immense global instability – demonstrate the solid foundation for the business we are building and mean that we are more focused on accelerating our growth and expansion plans, strengthening them our existing solution portfolio and focus can continue to implement our vision for the future of automated transport. As countries around the world are rebuilt from the effects of COVID, we will help them rebuild bigger, stronger, and most importantly: equipped devices for dealing with tomorrow’s skies. “
Miriam McNabb is editor-in-chief of DRONELIFE and CEO of JobForDrones, a marketplace for professional drone services, and a fascinating observer of the emerging drone industry and the regulatory environment for drones. Miriam has written over 3,000 articles focusing on the commercial drone space and is an international speaker and recognized figure in the industry. Miriam graduated from the University of Chicago and has over 20 years experience in high tech sales and marketing for new technologies.
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