Venture Capital News: Airmap Inks $15M
SANTA MONICA, CA, AirMap, the world's leading provider of airspace information and services for unmanned aircraft, today announced that it raised a $15 million Series A financing led by General Catalyst Partners.
This new investment accelerates AirMap's global development of an innovative suite of airspace management tools for drones.
'Our commitment is to help make drones a part of everyday life,' said AirMap CEO Ben Marcus, an airline transport rated pilot and flight instructor. 'We fundamentally believe in the transformational impact of this technology. Thousands of innovators are developing amazing applications for drones, ranging from package delivery and industrial inspection to precision agriculture, and public safety. Building a safe and efficient operating environment for drones helps to take these applications from experimental to mainstream.'
The company recently announced its collaboration with more than 50 of America's largest airports through its Digital Notice and Awareness System (D-NAS), which provides the tools necessary for safe drone flights near airports. Major drone manufacturers including DJI and 3DRobotics also rely upon AirMap's services.
While millions of drones are already flying, primarily for hobby and recreation, the potential for drones is much bigger. Hemant Taneja of General Catalyst Partners explained, 'People will soon be benefiting from drone-enabled services in their everyday lives, often without even realizing it. AirMap is building the trusted infrastructure to support the mainstream drone use cases that we will all soon take for granted.' Mr. Taneja has joined AirMap's Board of Directors.
Lux Capital, which led AirMap's seed financing last year, has also made a significant additional investment in this Series A round. 'We are delighted to continue and extend our partnership with AirMap, already the leading platform for drone airspace data and services,' says Lux Capital partner and AirMap Board member Bilal Zuberi.
Other investment firms participating in the Series A include Social Capital, TenOneTen Ventures, Bullpen Capital and the Pritzker Group.
Simultaneous with the financing, three respected executives have joined AirMap's already distinguished Board of Advisors. These include Bill Ayer, former Chairman & CEO of Alaska Airlines, Richard Deakin, former CEO of National Air Traffic Services (NATS) (the air navigation service provider for the United Kingdom), and Graham Richard, former mayor of Ft. Wayne, Indiana and current CEO of Advanced Energy Economy.
AirMap is the world's leading provider of airspace information and services for unmanned aircraft, and aviation safety stakeholders. AirMap was founded by Ben Marcus and Gregory McNeal and raised $2.6 million in seed funding in July 2015. Developed by experts in technology, aviation, and policy, AirMap's cutting-edge technology transforms airspace below 500 feet to create an interconnected drone ecosystem. AirMap provides accurate, reliable, and trustworthy low-altitude navigational data and communication tools to the drone industry: inventors of drones & drone technology, drone operators, and airspace stakeholders. AirMap has a rapidly expanding global network of hundreds of partners and thousands of app users. In the past year, the company has become the global leader in providing airspace information and services for drones, helping the industry grow and thrive while protecting safety. They were the recipient of a CES 2016 Innovation Award and named one of the Fastest Growing Startups in Los Angeles by Mattermark.
For more information, visit: http://www.airmap.com or http://www.twitter.com/airmapio
ABOUT GENERAL CATALYST
General Catalyst Partners is a venture capital firm that makes early-stage and transformational investments. The firm backs exceptional entrepreneurs who are building innovative technology companies and market-leading businesses, including Airbnb, BigCommerce, ClassPass, Datalogix, Datto, Demandware, Gusto (fka ZenPayroll), The Honest Company, HubSpot, KAYAK, Oscar, Snapchat, Stripe, and Warby Parker. General Catalyst has offices in Cambridge, MA, Palo Alto, CA, and New York City.
For more information, visit: www.generalcatalyst.com or www.twitter.com/gcvp.
ABOUT LUX CAPITAL
Lux Capital is a venture firm based in New York City and Silicon Valley investing in counter-conventional, seed and early stage science and technology ventures.
For more information, visit: http://www.luxcapital.com or www.twitter.com/lux_capital
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