CyPhy Works, a developer of small Unmanned Aerial Vehicles (UAVs), has raised a $7 million financing round. CyPhy Works has developed platform of easy-to-operate flying robots for applications in the military, civil and commercial sectors. The company has so far two products on its platform: EASE (indoor hovering robot) and PARC (outdoor multicopter platform). CyPhy Works will expand its development and deployment of UAVs in surveying and situational awareness for commercial sectors such as agriculture, mining, construction, oil & gas, insurance, infrastructure, and others.
“While the U.S military UAV market segment has not entirely avoided its share of budget cuts, it has emerged relatively unscathed. In the latest turn of events the CIA is expanding the agency’s UAV fleet, effectively transforming the intelligence agency into a paramilitary force”, says market study U.S. Military Unmanned Aerial Vehicles (UAV) Market Forecast 2013-2018. The market for mini/micro UAVs will likely grow substantially, fueled by demand for small surveillance and reconnaissance platforms both for battlefield and homeland security applications.