Lightspeed led the $1.7 million seed round for drone technology startup Airbound, which also included participation from gradCapital and other angel investors.
Previously, the Bengaluru-based company had raised $50.1K.
Airbound intends to use the additional funding for research and development, initially concentrating on medical deliveries, including regular supply transportation from health centers to testing labs. A press release states that the company also plans to diversify into other areas, such as food and grocery delivery, where cutting expenses associated with logistics can greatly increase profitability.
Airbound is a drone delivery company founded in 2020 by Naman Pushp with the goal of creating next-generation drones that can cut last-mile delivery costs by more than two orders of magnitude. By reducing 30 kg of hardware into 1 kg, the company claims to have overcome significant technological bottlenecks and improved operational costs, scalability, and safety. The goal of its exclusive blended wing body tailsitter design, or TRT, is to revolutionize logistics.
Deliveries will cost only a few cents thanks to Airbound’s TRT design, which it claims will create the lightest, safest, and most profitable drone. With four times the aerodynamic efficiency and more than three times the weight of traditional alternatives, the company claims that its drone drastically reduces both initial and ongoing costs.
Every vehicle system is carefully inspected by Airbound in order to minimize weight, improve safety and dependability, and optimize efficiency. By using cutting-edge carbon fiber production techniques, the airframe’s weight has been lowered from six pounds to just 400 grams.
Airbound faces competition from Red Wing and Tech Eagle in India, as well as Wing and Zipline worldwide.
