CIT GAP Funds invests in DroneUp

The Center for Innovative Technology (CIT) announced that CIT GAP Funds  made an investment in Chesapeake, Virginia–based DroneUp, the creator of a patent pending platform that organizes drone pilots into a network that serves commercial markets, government agencies, and public safety organizations, a press release states.

Congratulations DroneUp @godroneup – @CITGAPFunds has invested in Chesapeake, VA based DroneUp, the creator of a patent-pending platform that organizes drone pilots into a network that serves commercial markets, government agencies, and public safety organizations. #ChesapeakeVA https://t.co/dLIwUjWuoe

— Virginia Innovation Partnership Corporation (@VirginiaIPC) February 8, 2019

CIT GAP Funds is a family of funds placing equity investments in Virginia-based tech, life science, and cleantech companies, and it has invested in over 200 early-stage companies to date. Goldman Sachs recently issued a report stating that between now and 2020, it forecasts a $100 billion market opportunity for drones—helped by growing demand from the commercial and civil government sectors. The amount of the investment in DroneUp was not disclosed.

Founded in 2016, DroneUp is looking to help the growing drone industry by maintaining a network of drone pilots through the startup’s Mission Match app that locates, qualifies and deploys single-pilot or multi-pilot crews according to their client requirements.

“As a proud Virginia company, we are excited and grateful for the support and confidence from CIT GAP Funds,” Tom Walker, DroneUp CEO, said in a statement. “Drone services are rapidly becoming invaluable tools for both the public and private sectors. DroneUp is committed to helping those organizations develop effective drone programs and then deploying professional and responsible pilots to ensure the most successful outcomes.”

Through DroneUp’s app that operates 24/7, the platform can work on a global scale by connecting customers with pilots and commanders to communicate in real time via encrypted channels for mission alerts and to share projects and data securely, the company states. DroneUp can handle more than one mission at a time and has a method to match customers with the right pilot and commanders.