E14 Fund is an existing backer of Elroy Air, although it did not return for the $40m series A round.
Elroy Air, a US-based autonomous cargo drone developer backed by Massachusetts Institute of Technology Media Lab’s E14 Fund, has pocketed $40m in a series A round, according to TechCrunch.
The round was co-led by Marlinspike Capital and Prosperity7 together with aerospace and defence company Lockheed Martin’s corporate venturing arm, Lockheed Martin Ventures.
Catapult Ventures, DiamondStream Partners, Side X Side Management, Shield Capital Partners and Precursor Ventures also took part.
Elroy Air is working on autonomous cargo drones that can be used in the defence and commercial sectors. Its flagship aircraft, Chaparral, is expected to fly as far as 300 miles while carrying a payload of 300 to 500 pounds.
The company previously raised $6.8m in series A financing in April 2020, according to a securities filing, and its shareholders include E14 Fund and Total Carbon Neutrality Ventures, a vehicle for oil and gas company Total.
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
