Verity plans expansion in live events sector
Wednesday, 13 June 2018
Switzerland - Verity Studios AG, an indoor drone technology specialist, has announced that it has raised $18m in a Series A funding round. Fontinalis Partners, a venture capital firm focused on next-generation mobility technologies, led the round. Other investors include Airbus Ventures, Sony Innovation Fund, and Kitty Hawk. Verity plans to use this funding to expand its live events business, with a heavy focus on US growth, as well as to expand into other commercial verticals.
“Verity has assembled an exceptional team, with credibility, valuable IP, and extensive technical know-how, all while building a fast-growing business in the live events market,” says Chris Cheever, co-founder and partner at Fontinalis. “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 in many commercial contexts.” As part of the financing, Chris Cheever will be joining Verity’s board of directors to support its expansion.
Founded in 2014, Verity was the first company to bring autonomous indoor drones to live events. Founder Raffaello D’Andrea, a leading robotics and AI expert, was a co-founder of Kiva Systems, which was acquired by Amazon in 2012 and is now operating as Amazon Robotics. “We worked hard to identify the right investors who share our vision for Verity. We are thrilled to work with our new investment team to accelerate our growth and expand operations,” says D’Andrea. “We will continue to deliver cutting-edge robotics and AI to live events to create new forms of expression, while pioneering new live event technology.”
The company’s autonomous drone swarms have been used by entertainment providers such as Cirque du Soleil, Madison Square Garden, Princess Cruises cruise voyages, and even renowned rock band Metallica.
“I am excited to be involved in Verity, a true pioneer in the drone industry,” comments 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.”
(Jim Evans)

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