Drone Evolution: Leading a Technological Revolution in Disaster Management with New Funding
Deal News | Nov 28, 2024 | Foresight Group
Drone Evolution, a forward-thinking company in the commercial drone services industry, has secured an £850,000 investment from the Investment Fund for Wales, as managed by the Foresight Group. This Caerphilly-based enterprise is at the forefront of the UAV sector, providing innovative solutions in inspection, mapping, and safety enhancement services. The investment will enable the company to expand its offerings and contribute positively to the local economy by creating skilled jobs. Drone Evolution has proven its value through crisis management, notably assisting with flood control after Storm Dennis in 2020. With a team led by co-founders Clayton Earney, Toby Townrow, and John Young, the company has already established a significant client base, including firms like CBRE and EDF Energy. Foresight Group's involvement via the Investment Fund for Wales is expected to unlock further potential for Drone Evolution, facilitating growth and continued innovation in this emerging sector.
Sectors
- Aerospace and Defense
- Technology
- Environmental Management
Geography
- United Kingdom – Drone Evolution is based in Caerphilly, Wales, and the investment originates from the Investment Fund for Wales, managed by a UK-based PE firm.
- Wales – The investment is through the Investment Fund for Wales, specifically targeted at supporting Welsh businesses.
Industry
- Aerospace and Defense – Drone Evolution operates within the aerospace and defense sector, particularly focusing on UAV services and solutions.
- Technology – As a company specializing in drones and technological innovation for safety and surveyance, Drone Evolution is a pivotal player in the technology sector.
- Environmental Management – Drone Evolution's work in managing flood impacts and providing environmental monitoring places it within the environmental management sector.
Financials
- £850,000 – Equity investment made in Drone Evolution by the Investment Fund for Wales.
- £130 million – Total size of the Investment Fund for Wales managed by the British Business Bank.
- £50 million – Equity Finance Element of the Investment Fund for Wales managed by Foresight Group.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Drone Evolution | Target | Company | A Caerphilly-based drone development and services company that provides UAV solutions for commercial and safety needs. |
| Foresight Group | Private Equity Firm | Company | A PE firm managing the £50m Equity Finance element of the £130m Investment Fund for Wales. |
| British Business Bank | Government | Government | A UK government-backed institution aimed at improving finance markets for smaller businesses. |
| Investment Fund for Wales | Investor | Company | A £130m fund providing early-stage finance to businesses across Wales. |
| Toby Townrow | Business Development Director | Person | Business Development Director and co-founder of Drone Evolution. |
| Ruby Godrich | Investment Manager | Person | Investment Manager in Foresight Group's Private Equity team. |