US-based drone delivery service Volansi completed a $50m series B round on Tuesday that included Merck Global Health Innovation Fund, the corporate venturing arm of pharmaceutical firm Merck & Co.
Venture capital firm Icon Ventures led the round, which was also backed by Lightspeed Venture Partners, Y Combinator and Harpoon Ventures. The company said it had raised $25m before closing the round.
Volansi offers on-demand delivery services using vertical take-off and landing drones, enabling customers to send items over long distances. It delivers medical supplies and components for businesses and supplies for the US Department of Defense.
Icon Ventures managing partner Joe Horowitz is joining the company’s board of directors together with Barry Eggers, founding partner of Lightspeed Venture Partners. It will put the funding into increasing headcount and launching new projects.
Hannan Parvizian, Volansi’s co-founder and chief executive, said: “The combination of our best-in-class cargo drones and unique software platform set us apart from others in the industry.
“Closing our series B with such high-quality investors, especially during these challenging times, is further testament to the venture capital community’s confidence in our business and will allow us to keep pushing the envelope of mobility and robotics.”
Lightspeed Venture Partners had previously led a $20m series A round for the company in May 2019 that included Y Combinator.
