Danvers, Mass.-based drone company CyPhy Works has announced Draper Nexus – a cross-border venture capital firm based in California's Silicon Valley and Tokyo, Japan – as a key new investor.
The funds, which will support hiring in the areas of data management and analytics, commercial partnerships, product management, and mechatronics, will help CyPhy Works rapidly further its commercialization plans in the U.S. and abroad, the company says.
“I’m thrilled for the opportunity to partner with a firm like Draper Nexus,” comments Helen Greiner, CEO of CyPhy Works. “They have a storied history of enabling significant customer development opportunities for their portfolio companies in Asia, and together we’ll focus on taking our disruptive technologies and business models to international markets.”
“We are excited to work with Draper Nexus on internationalization of our products,” says Kristen Helsel, CyPhy Works’ vice president of commercial systems. “The drone market overseas has been developing rapidly, and it is ripe for persistent, rugged vehicles for heavy industries such as public safety, construction, mining and inspection, amongst others.”
CyPhy Works also recently announced a strategic investment and partnership with Motorola Solutions. To date, CyPhy Works has received investments from other bi-coastal VC firms such as Lux Capital, General Catalyst and Felicis Ventures.