{"id":17588,"date":"2021-03-02T19:27:41","date_gmt":"2021-03-02T11:27:41","guid":{"rendered":"https:\/\/wp-productionenv-bjg9h2g2bgg5b8aa.southeastasia-01.azurewebsites.net\/news\/boeing-insitu-founders-raise-cash-for-aerovel-which-makes-drones-that-take-off-and-land-vertically\/"},"modified":"2021-03-02T19:27:41","modified_gmt":"2021-03-02T11:27:41","slug":"boeing-insitu-founders-raise-cash-for-aerovel-which-makes-drones-that-take-off-and-land-vertically","status":"publish","type":"post","link":"https:\/\/starpath.global\/news\/boeing-insitu-founders-raise-cash-for-aerovel-which-makes-drones-that-take-off-and-land-vertically\/","title":{"rendered":"Boeing Insitu founders raise cash for Aerovel, which makes drones that take off and land vertically"},"content":{"rendered":"
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(Aerovel Photos)<\/figcaption><\/figure>\n

An aerospace venture started by the founders of Boeing\u2019s Insitu business unit just raised fresh cash as the company ramps up development of its unmanned aircraft.<\/p>\n

Aerovel raised $2.4 million, according to a filing with the Securities and Exchange Commission. We\u2019ve reached out to the company for more details about the new funding. Update, March 16: <\/strong>Aerovel confirmed that it raised a $2.5 million Series B round from undisclosed leaders in aviation.<\/p>\n

Aerovel was started in 2006 by Tad McGeer and Andy von Flotow, who were the founders of Insitu, an unmanned aerial system developer. Aerovel\u2019s plant is about 500 meters, as the drone flies, from Boeing\u2019s Insitu plant in the Columbia River Gorge town of Bingen, Wash.<\/p>\n

With McGeer as CEO and von Flotow as chairman, the two Stanford classmates built Insitu into a $20 million-a-year business before leaving in 2005. (Boeing would later buy Insitu for a reported $400 million.)<\/p>\n

Today, Aerovel is developing a new drone it calls the Flexrotor, which is designed to take off and land vertically, like a helicopter, then transition into horizontal flight using wings for lift, like an airplane. Aerovel says the Flexrotor can stay aloft for up to 32 hours \u2014 a record for drones in its class \u2014 providing overhead surveillance for military, law enforcement or other civilian uses.<\/p>\n

The company is in a competitive but growing market. Analysts at the Teal Group in Arlington, Va., project the total drone market \u2014 from backyard quadcopters to missile-carrying attack drones \u2014 to grow from $11 billion a year to more than $30 billion this decade.<\/p>\n

Investors are looking for opportunities. This week, California-based Skydio raised a $170 million round that valued the company at $1 billion. Skydio builds a hand-launched mini drone, compared to Aerovel\u2019s specialized FlexRotor. It\u2019s smaller, cheaper and easier to fly, but doesn\u2019t have nearly the flight range, endurance or data-transmission capability.<\/p>\n