Date: Nov 05, 2013 Author: Sara Castellanos Source: bizjournals (
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Danvers-based CyPhy Works, which received a $7 million financing round led by Lux Capital, makes easy-to-operate flying robots for the military, civil and commercial sectors.
Danvers-based CyPhy Works, which received a $7 million financing round led by Lux Capital, makes easy-to-operate flying robots for the military, civil and commercial sectors.
Danvers-based CyPhy Works, a maker of flying robots led by iRobot co-founder Helen Greiner, on Tuesday announced closing a $7 million financing round led by Lux Capital.
The money will be used to expand development and deployment of the company's Unmanned Aerial Vehicles in surveying and situational awareness for commercial sectors including agriculture, mining, construction and oil and gas, among others, according to a news release from the company.
Greiner, who is CEO of CyPhy Works, has said she expects her firm's robots to be used for surveillance and reconnaissance in the military by mid-2014. Greiner founded the company in 2008 and had previously raised $2.7 million in funding for the firm, she said in an email.
General Catalyst Partners, which has been a past investor in CyPhy Works, took part in the new round of funding, along with Felicis Ventures and several undisclosed angel investors.
Lux Capital partner Bilal Zuberi will join the CyPhy Works board of directors in connection with the investment. Zuberi was formerly a principal at General Catalyst's Cambridge office.
CyPhy Works has so far announced two, easy-to-operate flying robots for the military, civil and commercial sectors: an indoor hovering robot and an outdoor multi-copter robot.
The hovering robot, called Extreme Access System for Entry (EASE), is currently being built for military service members.
In an interview last week, Greiner said she hopes that by 2015 the Federal Aviation Administration will open the airspace for commercial applications of UAVs. She is seeking to have her company's flying robots used in industries including agriculture, farming, mining, and oil and gas.
"It'll help you have a view not just for security, but to look at everything that's going on and manage it efficiently and effectively," Greiner said in the interview. "Instead of guessing what's going on, you'll always know what's going on."
