FuVeX raises €3M to inspect 70% of Spain's power grid with long-range drones
What's the deal? Spanish drone company FuVeXDealroom has a profile for this one. Try Dealroom → has closed an oversubscribed €3 million funding round. The company develops, manufactures and operates long-range drones for civil and defence applications.
Who participated? The round included SodenaDealroom has a profile for this one. Try Dealroom →, the public investment company of the Government of Navarra, SEGO VentureDealroom has a profile for this one. Try Dealroom →, the investment arm of Segofinance, and Izertis VenturesDealroom has a profile for this one. Try Dealroom →, alongside several family offices.
Where does the money go? FuVeX plans to use the funding to accelerate commercial and international growth, strengthen its technology, industrial and commercial teams, and expand its manufacturing and operations capacity. It aims to inspect 70% of Spain's electricity distribution grid by 2027.
What else? The private financing is complemented by a €400,000 research and development grant backed by CDTIDealroom has a profile for this one. Try Dealroom →. FuVeX has already flown more than 36,000 kilometres of power lines under contracts with EndesaDealroom has a profile for this one. Try Dealroom → and UFD, the electricity distribution business of NaturgyDealroom has a profile for this one. Try Dealroom →.
The signal: FuVeX's long-range drones combine unmanned aircraft, operating systems and artificial-intelligence tools to inspect difficult-to-access infrastructure, with applications spanning energy, agriculture, oil and gas, and other critical infrastructure.
Read more: Europa Press · El Referente
Image credit: FirstEnergy Corp.
