Sky’s the limit: Ontario drone maker, Aeryon Labs, secures $60M in growth financing
Investment will fuel company's effort to bring UAVs into mainstream use across military, public safety and commercial markets
Waterloo, Ont.—Aeryon Labs Inc., a company that’s gone from fledgling to global player in less than a decade, has taken the next step in its effort to dominate the skies.
The Waterloo, Ont.-based small unmanned aerial systems manufacturer has secured a $60 million investment from global growth equity firm, Summit Partners. The company said the influx of cash will help Aeryon pursue its ambitious vision for the drone market, allowing it to bring UAVs into mainstream use across the military, public safety and commercial markets.
“This is a significant milestone for Aeryon Labs,” Dave Kroetsch, the company’s president and CEO, said. “It validates our technical lead in the market and our ’aviation not recreation‘ approach to building sUAS, which is quickly making Aeryon a first choice for utility inspectors, first responders and soldiers in the most demanding operational environments.”
Meanwhile, the sUAS market continues take flight; it’s expected to expand to nearly $6 billion in 2020.
“The additional capital from Summit Partners will enable Aeryon to build upon [its] operational success and accelerate its expansion and delivery of additional capabilities to its core market segments,” the company said.
Summit Partners managing director, Len Ferrington, noted that much of the firm’s portfolio is comprised of founder-led companies poised to take “commanding positions” in high-growth industries.
“The market for sUAS is rapidly expanding, and we believe that Aeryon is a best-of-breed provider that is well positioned to capitalize on those opportunities,” he added.
Ferrington will also join the company’s board of directors.