Hoverfly Technologies, the leading provider of tethered drone systems for defense and security, is proud to announce the successful close of its $20 million Series B funding round, led by existing investor Leonardo DRS (DRS) and new partner Korea Robot Manufacturing (KRM).
The investment is the single largest capital raise in company history and will support Hoverfly’s continued dominance of the tethered drone sector, which is at the forefront of U.S. and allied defense initiatives.
Leonardo DRS, a leading provider of advanced defense technologies, invested $15 million in this round, reaffirming its confidence in Hoverfly’s business model and vision for sustained growth. As part of the investment, Hoverfly signed a manufacturing agreement with DRS to expand production of the Hoverfly Sentry and to launch a new production line for the Hoverfly Spectre system.
“Our continued investment in Hoverfly Technologies reflects our unwavering confidence in their innovative tethered drone solutions,” said Aaron Hankins, Senior Vice President and General Manager of the Leonardo DRS Land Systems Business Unit, and a member of the Hoverfly Board of Directors. “This partnership enables us to bolster U.S. defense capabilities through expanded domestic production and aligns with our shared commitment to strengthening national security.”
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Korea Robot Manufacturing Co., Ltd. (KRM) is a South Korean engineering and manufacturing company specializing in sensors and advanced technologies for quadrupedal robots and UAVs. KRM invested $5 million in this round. As part of its U.S. expansion, KRM will partner with Hoverfly to establish a new facility dedicated to the domestic production of key components—strengthening support for the U.S. defense sector and enhancing supply chain resilience.
To ensure long-term stability in sourcing critical materials, KRM has secured a reliable supply of high-performance components through a strategic partnership with a supplier outside traditional high-risk regions. This move ensures Hoverfly access to a stable, U.S.-based supply of essential inputs. Through this investment, KRM becomes Hoverfly’s exclusive manufacturer of key components and preferred vendor for future component needs.
“Partnering with Hoverfly enables us to establish a U.S.-based supply chain for critical UAV components—a strategic move aligned with national security priorities, especially amid restrictions on imports from traditional high-risk regions,” said Kwangsik Park, CEO of KRM.
Both DRS and KRM will now serve as official resellers and integrators of Hoverfly’s Sentry and Spectre systems, further expanding Hoverfly’s global reach and production capacity.
“This funding round marks a defining moment for our company,” said Steve Walters, CEO of Hoverfly Technologies. “With the backing of world-class international partners like DRS and KRM, we are poised to rapidly scale operations, expand product offering, and capture new markets, to further establish our market leadership and continue delivering systems that advance and unleash U.S. drone dominance.”
SOURCE: PRNewswire