GENIUS NY Drone Start-ups Raise Extensive Follow-on Funding

0

Five unmanned aircraft systems (UAS) start-ups in the GENIUS NY accelerator – AutoModality, Civdrone, Fotokite, OmniMesh and TruWeather Solutions – have raised over $10 million in additional private investment.

This follow-on-funding validates the investments the GENIUS NY program has made in UAS technologies and start-ups over the last three years. GENIUS NY is supported by Central New York Rising, which advances the region’s collective strategy to create an ecosystem of resources for companies in the UAS industry.

“It’s exciting to see these early-stage companies start to receive follow-on funding from names like Credit Suisse and ff Venture Capital. Our goal in the accelerator is to get them started with seed investment, help work through their business plans and bring them to the commercial market,” says Jon Parry, director of GENIUS NY. “Our finalists are given all the resources needed to continue to scale after the yearlong accelerator, including three investor demo days for opportunities to raise follow-on funding.”

These investments build on those made to the companies during the GENIUS NY program. Two of the companies, AutoModality and Fotokite, received the program’s $1 million grand prize investment. Since 2017, GENIUS NY has invested in 17 start-ups and awarded over $9 million. All of the companies invested in by GENIUS NY remain operational and continue to scale and hire.

Applications are still open for GENIUS NY’s 2020 accelerator competition. Five start-ups focused on UAS, IoT and Big Data will be selected for the yearlong accelerator in central New York. Applications close Oct. 1, 2019.

Leave a Comment

avatar
  Subscribe  
Notify of