EXCLUSIVE: Drone Detection Co. DroneShield Raises $950K To Expand Team

The technology is used to protect everything from airports to nuclear power plants

Herndon, Va.-based drone detection technology developer DroneShield has raised a $950,000 convertible debt round led by a New York City-based institutional investor, a DroneShield spokesperson told DC Inno. The startup first gained national notoriety in April, when Boston Police worked with DroneShield to install drone detection systems along streets used by thousands of runners during the 2015 Boston Marathon.

The spokesperson declined to reveal the investor but said the funding will be used primarily to hire a larger sales team and to bring on an accomplished executive with similar product-related sales experience to help lead the division, as demand from defense-related government clients has overwhelmed the still-young company’s business division.

The $950,000 raise is structured in three parts, according to the original SEC filing: a $250,000 convertible note, a secondary but optional note worth up to $300,000 in principal and warrants to buy another $400K in equity at current pricing. The paperwork and spokesman confirmed that the full $950,000 had been agreed upon.

Droneshield

2017-06-12T14:32:31+00:00