Aeryon Labs Inc. Secures $60 Million in Growth Financing to Extend Its Lead in the Enterprise-Grade Drone Market
Waterloo, Ontario, Canada (PRWEB) October 23, 2015 -- Aeryon Labs Inc., the premier manufacturer of small unmanned aerial systems (sUAS) and mission control software, today announced that it has closed a $60 million investment from Summit Partners. This investment will help the company realize its ambitious vision for the sUAS market, which sees widespread adoption across military, public safety and commercial operators worldwide.
Enterprise-grade sUAS (commonly known as drones) provide an easy-to-deploy, safe and cost-effective means to acquire mission-critical aerial intelligence for a variety of applications. According to analyst estimates, the sUAS market is rapidly expanding and is expected to approach $6 billion by 2020.
Ranked 7th as a 2014 Deloitte Technology Fast 50™ company and 14th in the North American Technology Fast 500™ ranking, Aeryon has experienced profitable organic growth and global expansion across its 9-year operating history, with customers in over 35 countries. The additional capital from Summit Partners will enable Aeryon to build upon this operational success and accelerate its expansion and delivery of additional capabilities to its core market segments.
“This is a significant milestone for Aeryon Labs,” said Dave Kroetsch, the company’s President and CEO and one of its principal founders. “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.”
“Much of the Summit portfolio is comprised of founder-led companies, poised to take commanding positions in high-growth industries. We believe Aeryon exemplifies these characteristics,” said Len Ferrington, a Managing Director at Summit who will join the Aeryon Labs Board of Directors. “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.”
Founded in 1984, Summit Partners is a global growth equity firm that is currently investing more than $6.5 billion into equity and fixed income opportunities. Summit has invested in more than 400 companies in technology, healthcare and other growth sectors. These companies have completed more than 135 public offerings, and more than 150 have been acquired through strategic mergers and sales. Notable technology companies financed by Summit Partners include E-TEK Dynamics, Casa Systems, FleetCor, Hittite Microwave, Uber, Ubiquiti Networks and Welltec International. Summit maintains offices in North America and Europe and invests in companies around the world.
For more information, visit http://www.summitpartners.com or follow on Twitter at @SummitPartners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.
Media Relations, Aeryon Labs Inc., http://www.aeryon.com, +1 (519) 489-6726 Ext: 360, [email protected]
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