WhiteFox Defense Technologies, Inc., announced that it has raised a further $12,000,000 in a Series Seed round led by JAM Capital, LLC bringing the total investment to date to $14,000,000. WhiteFox will leverage the funding to scale its operations, prepare to launch new product lines into the market and continue to develop its proprietary technology to advance its mission of safely ushering in the integration of drones into the airspace.
The latest financing round was made up of institutional and strategic investors that share WhiteFox’s mission of advancing drone technology to benefit society. They included JAM Capital, LLC, a capital fund supporting entrepreneurial businesses specializing in technology; Stage Venture Partners, a seed venture capital fund that invests in emerging technology for B2B markets; Okapi Venture Capital, a fund that provides long-term capital and management support to startups, Serra Ventures, a venture firm consisting of former entrepreneurs serving the current best-of-breed entrepreneurs catalyzing midwest and west coast innovation, and OCA Ventures, an early stage venture capital firm that invests in companies with dramatic growth potential.
Users of WhiteFox’s technology receive continuous, automatic protection of vulnerable facilities and critical infrastructure through a customizable geofence around a restricted airspace. The system requires no training or human intervention and is fully integratable with existing security systems.
Luke Fox, CEO of WhiteFox Defense Technologies said: “This is an enormous step forward for safely ushering drones into the national airspace system. We’re inspired by what drones offer society, from aiding emergency response teams and conservation efforts, to improving internet access – but to unlock their maximum potential for good, we must first protect their airspace. It’s a mission we tirelessly work toward realizing, but like any major undertaking, it can’t be achieved without the necessary resources, which is why we’re grateful to our investors for supporting the development of our industry-leading technology and sharing our vision of advancing drone technology to benefit society.”
John Schmidt, Managing Partner at JAM Capital, LLC said: “We are thrilled to be a part of the WhiteFox team and mission to provide drone airspace security. We are very pleased with the work that WhiteFox has done. They are taking their technology to new heights and are providing a needed solution in the marketplace. With the combination of their team, intellectual property, and drive; we have no doubt that they will be successful. It has been a pleasure to work with Luke Fox and the rest of the team and we look forward to the future.”
Jeff Bocan, Partner at Okapi Venture Capital said:“We are very excited about our investment in WhiteFox, because they have built the best solution available for anyone tasked with maximizing security and safety of public spaces, critical infrastructure, and military operations. WhiteFox’s customers are armed with a highly robust and scalable-for-deployment technology platform that addresses the increased threat of hostile drones and enables greater control of their airspace. Crucially, the WhiteFox’s technology also offers customers the ability to protect against reckless drone use, while enabling “friendly” drones to fly freely – all without any human intervention.”
Steve Beck, Managing Director of Serra Ventures said: “WhiteFox has assembled a rock star team of drone experts, invented deep intellectual property that confounds even drone junkies, and has the passion and drive to bring their platform to our skies, making the promise of drone security and commercial profitability a part of our daily lives.”
Alex Rubalcava, Partner at Stage Venture Partners said: “Stage has considered investments in dozens of drone technology companies, and nearly half a dozen drone defense startups before WhiteFox. Only in WhiteFox did we see an amazing team, a significant technological lead, and an urgent customer need. As the adoption of consumer drones increases, we believe it is vital for an ambitious and effective defense platform to emerge. We believe WhiteFox is this platform. We are delighted to support Luke and the rest of the WhiteFox team.”
Tamim Majid, Principal at OCA Ventures said: “WhiteFox has developed a holistic drone defense platform that will be critical to drone proliferation across different use cases. We are excited to be a part of that journey.”
Launched in 2015, WhiteFox has attracted strong interest and validation from many Fortune 500 and U.S. government customers. The core WhiteFox technology offers critical infrastructure and personnel the ability to protect against reckless drone use, whilst enabling “friendly” drones to fly freely and continue the work they’re doing to positively impact society.. In September 2018, the team was invited to participate in the prestigious Black Dart counter-UAS event, the largest Counter UAS exercise in the world, to showcase their technology. The company has also received wide industry recognition for its innovative products, recently winning first place for ‘Counter UAS and Security’ by the Association for Unmanned Vehicles Systems International (AUVSI) at the Xponential Awards in May 2018.
Source: Press Release