US-based autonomous drone technology developer Skydio has secured $170m in series D funding from investors including industrial equipment and appliance producer Siemens at a $1bn-plus valuation, TechCrunch reported today.
Venture capital firm Andreessen Horowitz (A16Z)’s Growth Fund led the round, which also featured IVP, Lines Capital and Up.Partners, while Siemens took part through its Next47 vehicle. The company’s funding has now reached $340m since it was founded in 2014.
Skydio produces unmanned aerial vehicles with artificial intelligence and computer vision-equipped autonomous flight technology, catering to consumer, enterprise and public sector users. It will use the funding to increase its presence globally and boost product innovation.
The company debuted with a consumer-focused autonomous flying camera dubbed R1 before releasing a second iteration, Skydio 2, in 2019, with enhanced recording software and a lower price tag. Its products are used by organisations including utility providers, firefighting services, construction companies and the US Army.
Next47 had led a $100m series C round for Skydio in July 2020, investing alongside NTT Docomo Ventures, a subsidiary of mobile network operator NTT Docomo, as well as Levitate Capital and returning investors including A16Z, IVP and Playground Global.
The company had raised $42m in series B financing from unnamed investors two years before to take its total funding to $70m. Its shareholders at that time included graphics processing unit provider Nvidia, Accel, A16Z, IVP and Playground Global.
