The round of funding was led by Swiss investor Daniel Aegerter of Armada VC, together with private investors Daniel Gutenberg who previously invested in Sonic Emotion, Silentsoft, Nexthink and Kooaba, . Other investors included Joey Low, Star Farm Ventures, and a few unnamed private angel investors.
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Flytrex was founded by CEO Yariv Bash and Amit Regev. Bash is also founder of SpaceIL, the Israeli participant at Lunar XPRIZE, competition launched by Google where engineers from around the world compete to develop affordable spacecrafts for future moon landings.
The drone can be piloted remotely using a smartphone app, a SIM card, and cellular data. It also has a black box’-style flight recorder and cloud service to track your personal drone.
The company is currently working in countries where regulators understand that drone delivery is inevitable. Bash observes that different regulators have different concerns, from traffic control to consumer safety.
Bash said, “We believe drone deliveries to be a $100 billion opportunity in the years to come, this is not another app company with short term exit strategy, but a disruptive company with long term goal of changing the way consumers behave – complementing the instant online shopping experience all the way to the customer door step.”
The company is also developing drone hardware tailored for point-to-point or point-to-area delivery.