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October 10, 2025 - Deals
Hoverfly Technologies Secures $20 Million Series B Round Led By Leonardo DRS And KRM
Hoverfly Technologies, a Sanford, FL-based provider of tethered drone systems for defense and security, closed a $20 million Series B round led by existing investor Leonardo DRS, Inc. and new partner Korea Robot Manufacturing (KRM). Leonardo DRS contributed $15 million and entered a manufacturing agreement to expand production of Hoverfly’s Sentry and launch a new line for the Spectre system. KRM invested $5 million and will establish a U.S. facility to produce key components, becoming Hoverfly’s exclusive manufacturer and preferred vendor. Led by CEO Steve Walters, Hoverfly delivers tethered drone platforms designed for persistent aerial surveillance and network extension for global defense and security applications.
INVESTORS: Leonardo DRS & Korea Robot Manufacturing (KRM)
ROUND: Series B
AMOUNT: $20,000,000
HQ: #SanFord #Florida
#VentureCapital #SteveWalters #HoverflyTechnologies #LeonardoDRS #KoreaRobotManufacturing #KRM #TradedVC
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Businesses Increase AI Spending As Anthropic Leads Adoption At 43.5%Ramp’s latest AI Index shows businesses are continuing to increase AI spending despite rising pressure from cheaper and open-source models. In July, the top 1% of businesses spent a median $7,400 per employee on AI, compared with $650 for the top 10% and $11.95 for the median firm, while Anthropic led business adoption at 43.5%, ahead of OpenAI at 39.7%.
#VentureCapital #Ramp #TradedVC