Earlier this month Kray Technologies, a US-headquartered startup with Ukrainian roots, secured an undisclosed amount of funding, as confirmed to Ukraine Digital News by Andrey Dashkiev, COO of the company.
The funding came from Ukrainian investment company Chernovetskyi Investment Group (CIG) and three individual investors, including Ruslan Savchyshyn.
The company touts its product, Kray Protection UAS, as “the world’s first drone that can be used for applying crop protection at an industrial scale for almost all crop production farms.”
When asked about the startup’s competitive advantages, Dashkiev said that Kray Technologies has “substantially higher productivity thanks to the synergy of the three following characteristics: an innovative aero platform (the combination of a multicopter and a plane), real-time computer vision systems for ultra-low high-speed flights and a precise rotary atomizer spray system.”
The startup claims to ensure 600% return on investment.
As of today, the company has already entered the US market, with Canada being the next market to expand to, Dashkiev told Ukraine Digital News.
Currently, the startup is seeking investment in the US, the entrepreneur added.
Founded in 2015, the company employs 20 people and has its R&D center in Ukraine.
Mass production of drones is scheduled for September 2018.
In July, CIG announced that its portfolio company Eda.ua has merged with Foodout, a major food delivery player operating in Baltics.
This past August, Drone.ua, a Ukrainian integrator of unmanned technologies, announced the launch of the Professional Union of Drone Journalism (PUDJ), the first of its kind in Ukraine.