The ETH Zurich spin-off Verity Studios is the leading provider of commercial autonomous indoor drones for live events. Verity has now raised $18 million in a Series A funding round from investors like Airbus and Sony to expand and accelerate growth in the US market.
Building on more than a decade of research and development at the Swiss Federal Institute of Technology (ETH Zurich), Verity Studios was the first company to bring autonomous indoor drones to live events. The startup uses proprietary algorithms and system architectures, to create dynamic, autonomous and interactive performances for live entertainment. Its products offer unrivaled safety and reliability within a sophisticated system that can be operated by ordinary client staff.
Using its flying drones, the startup has entertained audiences in more than 20 countries and attracted entertainment providers such as Cirque du Soleil, Madison Square Garden, Princess Cruises, and even the famous rock band, Metallica.
Moreover, verity has consistently overcome no-drone restrictions, including in airports, sports arenas, and cruise ships. It also has one of the most extensive autonomous flight datasets and a growing IP portfolio, including 33 patent applications, with six already granted in the US and internationally.
Investors have now joined forces to further fuel this success. Led by Fontinalis Partner – a venture capital firm focused on next-generation mobility technologies – investors including Airbus Ventures, Sony Innovation Fund, and Kitty Hawk have contributed $18 million to Verity’s series A financing round.
Verity will use the funds to expand its live events business, with a heavy focus on US growth, as well as to expand into other commercial verticals. In addition to expanding its market leadership in live events and presence in new verticals, Verity will work with drone manufacturers to incorporate its proven drone failsafe technology into their platforms to significantly increase the robustness and reliability of today’s drones.
“Our firm was founded to invest in and help scale the world’s best mobility technologies, and what Verity has developed has broad applicability beyond entertainment, in the drone industry and many commercial contexts,” said Chris Cheever, co-founder, and partner at Fontinalis.
As part of the financing, Chris Cheever will be joining Verity’s board of directors to support its expansion. “I am excited to be involved in Verity, a true pioneer in the drone industry,” commented Sebastian Thrun, CEO of Kitty Hawk and co-founder of Udacity, Google X and Google’s self-driving car team. “I’ve seen the Verity team go from strength to strength and I look forward to being part of its future growth.” Sebastian Thrun will also contribute his significant expertise as a member of Verity’s board of directors.
Picture: Verity/ BusinessWire
(Press release/RAN)
Please login or sign up to comment.
Commenting guidelines