In a remarkable development for the robotics industry, a Philadelphia-based company has successfully secured $26 million in a Series B funding round. This investment was spearheaded by a prominent venture capital firm, with additional contributions from various investment groups focused on technology and security.
Initially established as a drone service provider aimed at enhancing facility security, the company has gained recognition for its innovative drone equipped with a robotic arm capable of autonomously changing its batteries. This unique feature sets it apart in the competitive landscape of security technology.
In addition to its drone offerings, the company has introduced a cutting-edge robotic guard dog service known as DroneDog. This service utilizes a modified version of a well-known robotic canine, enhancing its capabilities for security applications and integrating seamlessly with the company’s advanced command-and-control software. Together, these technologies form a comprehensive robotic security-as-a-service (RaaS) solution.
By employing both ground patrols with robotic dogs and aerial surveillance through drones, the company can secure vast areas more effectively than traditional stationary cameras. The DroneDogs are designed to operate in environments that may be hazardous for humans or live animals, performing tasks akin to canine detection, such as identifying gas leaks or hazardous substances.
Founded in 2015, the company has historically raised less venture capital compared to its peers in the drone and robotics sectors, accumulating approximately $21 million in previous funding rounds along with government grants, bringing its total funding to around $45 million, as stated by the CEO.
Despite the challenges of fundraising, particularly in light of recent high-profile security incidents, there has been a noticeable increase in demand for advanced security solutions. The company’s RaaS offerings are priced competitively, comparable to traditional bodyguard services, making them an attractive option for businesses seeking enhanced security measures.
During a networking event last summer, the CEO had the opportunity to connect with potential investors, which proved beneficial when it came time to raise funds. With a growing awareness of the need for improved security spending, the company was well-positioned to attract investment.
The founding team, consisting of three MIT graduates, took a unique path by choosing to work in aerospace engineering before venturing into the robotics field. Their inspiration came from a major announcement regarding drone delivery services, prompting them to leave their stable jobs and establish the company. Their first significant client, a major automotive manufacturer, came on board just a few years later.
However, the journey has not been without its challenges. A critical moment occurred in 2021 when a drone malfunctioned just before a live demonstration for potential clients. With time running out, the team managed to deliver a replacement drone, which performed flawlessly during the event, leading to multiple new contracts and a significant milestone for the company.
Since then, the company has been on a steady growth trajectory, currently employing 65 individuals and deploying its systems across 15 states, showcasing its commitment to innovation and excellence in the field of robotic security solutions.