Skyports has completed its oversubscribed Series B capital raise with fresh investment from ST Engineering, which has over 45 years of experience in the aerospace industry, and brings total funding to $26.13 million.
ST Engineering’s investment in Skyports builds on a history of collaboration in Singapore since early 2021 to jointly operate reservoir monitoring and inspection drone services for Singapore’s Public Utilities Board.
The collaboration brings together Skyports’ expert flight operations capabilities and ST Engineering’s drone system solution, DroNet, to implement autonomous Beyond Visual Line of Sight (BVLOS) flights across the city-state’s network of reservoirs.
Skyports, ST Engineering and Sumitomo Corporation formed a consortium in early 2022 to provide unmanned aircraft services for ship-to-shore parcel delivery in Singapore.
Skyports CEO Duncan Walker said: “The Asian market is a critical area of growth for advanced air mobility (AAM), and one we are committed to cultivating.
“Investment from Kanematsu Corporation, and now ST Engineering, demonstrates that our confidence in this market is supported by industry leaders across the region, and we look forward to bringing our expertise together to expand our capabilities.”
ST Engineering VP of unmanned air systems Soo Soon Teong added: “Our investment in Skyports stems from our confidence in the future of AAM, and the expertise that Skyports continues to grow in building towards that future.
“With even stronger ties now between ST Engineering and Skyports, we will accelerate efforts in marrying our complementary AAM strengths and advance the DroNet solution globally.”
Other Series B investors include Japanese conglomerate Kanematsu Corporation, global industrial property group Goodman Group, Italian airport platform 2i Aeroporti, and US-based Venture Capital firm GreenPoint.
The final close of Skyports’ Series B funding round represents the strong prospects of the company and is a testament to the continued upward trajectory of the AAM industry.
In December 2020, The European Aviation Safety Agency (EASA) and Civil Aviation Authority Singapore (CAAS) updated an arrangement to facilitate CAAS validation of EASA aircraft type certifications, allowing the two regulators to collaborate on facilitating aviation innovations..
In May, Skyports and Jurong Port, operator of Singapore’s multi-purpose cargo port, agreed to develop ship-to-shore infrastructure for large-scale drone delivery operations using Skyports’ experience of building take-off and landing infrastructure for deliveries to be integrated into the existing logistics operations of Singapore’s Jurong Port.