Skydio Raises $170M to Advance Autonomous Drone Technology

Skydio Secures $170 Million in Series D Funding

Skydio has successfully completed a $170 million Series D funding round, spearheaded by Andreessen Horowitz’s Growth Fund. This investment elevates the company to a valuation exceeding $1 billion, with total funding now reaching $340 million.

The newly acquired capital will be strategically allocated to facilitate global expansion and accelerate the pace of product development. This follows Skydio’s recent entry into the enterprise market last year.

Expansion into the Enterprise Sector

In July of the previous year, Skydio announced its $100 million Series C financing round. Simultaneously, the company unveiled the X2, its inaugural drone specifically designed for enterprise applications.

Alongside the X2, Skydio launched a comprehensive software suite tailored for commercial and enterprise clients. This marked a significant shift from its earlier focus on the consumer drone market, which had been its primary area of concentration since its founding in 2014.

Autonomous Capabilities and Drone Evolution

Skydio’s initial drone, the R1, garnered substantial recognition and praise for its advanced autonomous features. It distinguished itself from competitors, like DJI, by offering obstacle avoidance and target tracking without requiring manual control.

Building on this success, Skydio released the Skydio 2 in 2019. This second-generation drone offered improved autonomous tracking and video capabilities at a significantly reduced price point – more than halving the cost of its predecessor.

Strengthening the Team for Enterprise Growth

Towards the end of last year, Skydio bolstered its team with key personnel to better serve enterprise and government clients. This included a software development leader with prior experience at both Tesla and 3D-printing innovator Carbon.

Furthermore, Skydio recruited two executives from Samsara, a provider of cloud-based fleet management solutions, to contribute to product and engineering efforts.

Diverse Applications and Strategic Positioning

The potential applications of Skydio’s technology are extensive, spanning commercial, public sector, and enterprise organizations. The company currently collaborates with entities such as public utilities, fire departments, and construction firms.

These collaborations involve tasks like remote inspection, emergency response operations, and urban planning initiatives. Skydio’s origin as a U.S. company also positions it favorably to benefit from increasing demand within the defense sector.

Investor Details

Andreessen Horowitz (a16z) had previously led Skydio’s Series A funding round. Additional investors participating in this Series D round include Lines Capital, Next47, IVP, and UP.Partners.

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