FlyNex: Seven-digit seed-round for drone software
August 10, 2017
German DroneTech company FlyNex, founded by former special ops officers, raises big seed round. The co-investment by TGFS and HTGF ensures the implementation of the drone business software into industrial enterprises. The software empowers these companies to use drones for own applications, without having deeper technological and legal knowledge.
The DroneTech start up FlyNex closes a seven-digit seed round and extends its offices in Leipzig and Hamburg. With a co-investment by Technologiegründerfonds Sachsen (TGFS) and High-Tech Gründerfonds (HTGF) FlyNex gets the capital to launch its business software.
FlyNex offers an automated solution for drone operations for corporations. The idea was developed by the founders Andreas Dunsch, Michael Petrosjan, Holger Dirksen and Christian Caballero due to their long-standing military experience. „Unmanned aerial systems offer an amazing potential for growth within all industries“, says founder and CEO Andreas Dunsch. „But we realized that companies in civil sectors hardly have any knowledge about using this potential in a scalable way. The necessary processes are quite complex and investment costs can be pretty high.“ FlyNex is to solve this problem with its software solution.
In 2016 more than 10.000 commercial drone missions were executed in Germany. German air-traffic control (DFS) estimates, that more than a million drones will be sold in Germany until the end of this year. But most commercial applications are not developed yet. Patrick Feurich, investment manager at TGFS, is convinced: „The industry has an enormous need for a standardised use of drones, especially to utilise the collected data in a relevant way.“
Kristin Müller, investment manager at HTGF, adds: „Due to the long lasting experience and the deep know how of the founders first well-known partners were already won. The founders have a productive network to industries and politics. FlyNex has the opportunity to become an industry standard within a new market.“ This market grows rapidly. The market volume in 2020 is valued with 127bn US-Dollar by consulting company PwC. Dunsch is confident: „FlyNex will enable companies to participate in this market.“
FlyNex was founded in 2015 and develops automated solutions for the integration of unmanned aerial systems in existing value chains of corporations. The software company currently employs 9 employees in Hamburg and Leipzig. In 2016 it got a grant from Investitions- und Förderbank from city of Hamburg as one of the 16 most innovative companies.
The TGFS (Technologiegründerfonds Sachsen) provides venture capital for technology oriented seed and start up stage companies. A 60m EUR funds was closed in 2008 and raised to 124m EUR in march 2016. TGFS invests in young, innovative, technology oriented founders and companies in the sectors of ICT, semiconductors and microchip technologies, medical technologies and health science, life science, clean tech and new media. The funds focuses on start ups that are located in Saxony, Germany.
High-Tech Gründerfonds (HTGF) is Germany’s most active seed stage investor. With about EUR 820 million under management in three funds we provide financing for technology-driven companies active in a wide range of fields, including robotics, IoT and energy, Medtech and Biotech, chemicals and software. Investors in this public-private partnership include the German Federal Ministry of Economics and Energy, the KfW, and strategic corporate investors.