- Type of finance
- Business need
Starting a business
“This is a show of faith from the syndicate of angel investors, Angels Invest Wales and the Development Bank of Wales that this is a business that’s going places with a growing UK and worldwide market opportunity.”
Drone Evolution, which became operational in November 2018, hopes to change the way organisations use drone technology and contribute to their use for public safety.
Its founders benefited from the first investment from the Wales Angel Co-investment Fund, as part of an equity package together with a local South Wales based business angel investor syndicate.
The Development Bank of Wales’ Wales Angel Co-investment Fund which launched in May 2018, provided a total of £90,000 of match funding to a syndicate of five business angels, led by Andrew Diplock in the commercial drone services company based in Caerphilly, South Wales.
The investment has allowed the company to purchase state of the art equipment and technology and invest in research and development of novel applications for drones.
The company expects to build a team of up to 12-15 staff over the next three years and has its sight on international expansion.