Drone maker Cyphy works raises $22 million in Series B funding
The new financing was led by Bessemer Venture Partners (BVP), and includes participation from strategic partners Motorola Solutions Venture Capital, UPS Strategic Enterprise Fund, and Draper Nexus.
Existing investors Lux Capital and General Catalyst Partners also participated in the round. In September 2013, CyPhy Works announced $7M funding led by Lux Capital.
“We are proud to add a successful global entrepreneur like Felda Hardymon and world-renowned VC firm like Bessemer Venture Partners to our existing team of high caliber partners,” said Helen Greiner, CyPhy Works Founder and CEO.
“We are also looking forward to working closely with our new strategic investors to accelerate adoption of drones into public safety, construction, agriculture, journalism, mining, defense, and other fields.”
In addition to the launch of PARC, the new investment will fund hiring in the engineering, sales, marketing, and customer support functions. ■