The enterprise drone space has been heating up over the past couple years, but a startup in the entertainment drone space is raising the big cash now.
The Drone Racing League is in the process of raising up to $50 million from investors in a Series C round according to SEC docs published today. The startup has already raised over $26 million of that figure and is looking to secure additional investors to close out the rest. Investors in the new round appear to already include Lux Capital and RSE Ventures.
We reached out to Drone Racing League for comment.
The company had previously raised $32 million in funding from backers including Sky, CRCM Ventures and Hearst Ventures. Drone Racing League closed a $20 million Series B in 2017.
The startup, as the name implies, is in the business of speedy drone racing. It was founded in 2015 with the goal of capitalizing on some of the excitement around the technology, while aiming to build out a league that captured the thrill of airborne Formula-1 racing.
We did a deep dive on the company’s efforts back in 2016 and the surrounding drone racing enthusiast space. The athletes fly custom-built hardware at 90 miles per hour in tourneys that take place at sites ranging from empty warehouses to professional sports arenas. Races have been broadcast on NBC Sports, Twitter, Sky Sports and FOX Sports Asia according to the startup.