By Aria Alamalhodaei
Elroy Air has raised a $40 million Series A, including financing from Lockheed Martin’s venture capital arm, to ramp up the building, testing and validation of its inaugural autonomous cargo drone.
The funding round saw participation from Marlinspike Capital and Prosperity7, as well as existing investors Catapult Ventures, DiamondStream Partners, Side X Side Management, Shield Capital Partners and Precursor Ventures. This latest round brings Elroy’s total raised to $48 million to date.
The four-and-a-half-year-old company was founded by David Merrill and Clint Cope. “We started the company with this dual insight that the enabling technology was within reach, was here to build larger drones […] and that there would be a lot of useful things that larger systems can support,” Merrill said in a recent interview with TechCrunch.