Drone manufacturer Aeryon Labs nabs $60-million investment

Waterloo Region’s pre-eminent drone manufacturer has landed a massive investment.

The company announced Friday that it has secured $60 million in funding from Summit Partners, a global growth equity firm.

In a press release, company officials said the funding will go toward ambitious expansion plans, with a goal of seeing Aeryon drones used globally by military and commercial operators.

Company president Dave Kroetsch called the funding a “significant milestone” for Aeryon.

“It validates our technical lead in the market and our ‘aviation not recreation’ approach,” he said in the release.

Aeryon’s unmanned aerial vehicles are already being used in 35 countries across a wide variety of industries, ranging from search-and-rescue efforts to roof inspections.