A commercial drone startup based in Latvia with an eye, in part, on the insurance industry has raised $8 million in funding.

Atlas Dynamics declined to disclose its specific investors, other than noting in a release that the money came from “private and institutional investors.”

The Atlas Pro – Atlas Dynamics’ soon-to-be-released drone system for the professional market.

Executives plan to use the investment to fuel further development of its fully autonomous Visual Line of Sight and Beyond Visual Line of Sight drone products. Also, the funding will help Atlas build up its presence in North America and other key markets.

Atlas said it will start marketing its products in North America during the 2017 third quarter. Market uses for Atlas’ drones will include infrastructure, inspection, construction, emergency response, security and insurance.”

Guy Cherni, CMO for Atlas, said that the financing will help accelerate its effort to redefine the commercial drone industry.

“We are using our background and knowledge in aerospace technology to equip our market-ready products with sophisticated aeronautical design, combined with ease-of-use, durability and accessibility for every business,” Cherni said in prepared remarks.

Atlas Dynamics uses its proprietary technologies, including: full carbon-fiber hulls, smart lithium-silicon batteries, and electronic, communication and mechanical components designed to help the user gain optimal flight time and data collection capabilities. The Atlas drone platform provides up to 55 minutes of flight time and ranges of up to 50 km, and is able to operate in day/night scenarios and extreme weather conditions.

The full drone product includes the “Atlas Pro” drone, an autonomous operating system, versatile and interchangeable payloads, and a remote controlled protective landing and charging smart docking station.

Source: Atlas Dynamics

Topics InsurTech Commercial Lines Business Insurance Market Funding