U.S. drone maker Skydio has reached unicorn status, The Information reports.
What That Means: A unicorn is a privately-held startup company that surpasses a value of $1 billion. Skydio reached that milestone “after Andreessen Horowitz led a $171 million investment into the California-based hardware company.”
- According to the Financial Times, Skydio is shifting its focus to enterprise tech after it got its start making drones for consumers.
It’s a bet in a quickly-shifting landscape. The U.S. government recently put “Chinese rival and drone market leader DJI on a trade blacklist restricting its ability to buy some U.S. technology.”
- U.S. companies are seeking an advantage within the deteriorating U.S.-China relationship, in which “Washington is increasingly pushing to cut U.S. reliance on China-based tech.”
Numbers To Consider:
- Skydio has raised $340 million in total funding.
- In July 2020, it raised $100 million in Series C funding.
Looking Ahead: “The applications of Skydio’s technology for commercial, public sector and enterprise organizations are many and varied. Already, the company works with public utilities, fire departments, construction firms and more to do work including remote inspection, emergency response, urban planning and more. Skydio’s U.S. pedigree also puts it in prime position to capitalize on the growing interest in applications from the defense sector.”