UAV maker Aeryon Labs secures $60 million in financing

The Globe and Mail
October 23, 2015 | Waterloo, Ont.
By The Globe and Mail
Canadian commercial drone maker Aeryon Labs Inc said on Friday it has secured $60-million of financing from a U.S. venture capital firm, putting it on a path to expand and more than double its sales growth over the next two years.

Aeryon, which is based in BlackBerry’s hometown of Waterloo, Ontario, is focused on making specialized drones for military reconnaissance and public safety uses, as well as drones for commercial uses such as inspection of power lines or wildlife monitoring.

“In the last four years, we have grown 100 per cent year-over-year in terms of sales and we’ve been profitable too, and we now expect that to move into the 200 per cent sales growth range over the next couple of years,” said Aeryon’s Chief Executive Dave Kroetsch in an interview. | READ MORE

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