FuVeX, a Spanish company dedicated to the design, production, and operation of long-range drones for civil and Defense uses, has completed an oversubscribed funding round of three million euros. With these resources, it aims to accelerate its commercial and international expansion and advance its goal of establishing itself as a European reference in dual drone technology.
In the operation, Sodena, a public company of the Government of Navarra; SEGO Venture, the investment vehicle in 'startups' and 'scaleups' of Segofinance; the technology consulting firm Izertis Ventures, and several 'family offices' linked to the industrial, agricultural, and innovation sectors have participated.
The Navarre company has also secured financing commitments for upcoming rounds, which "support its long-term growth strategy," as stated this Wednesday in a statement.
Support from CDTI and focus on the energy sector
Throughout the design, negotiation, and closing process of the round, FuVeX has had the strategic and financial support of APBEY. The injection of private capital is complemented by a research and development (R&D) project in the Defense area, supported by a public grant of 400,000 euros from the Center for Technological Development and Innovation (CDTI).
One of the priority uses of the funds will be to boost FuVeX's growth in the energy business. The firm aims to inspect 70% of the Spanish electricity distribution network by 2027, relying on the experience accumulated in recent years and on contracts already signed with several of the main companies in the sector.
"FuVeX has established itself as a leader in the inspection of power lines using European technology drones," the company has indicated, recalling that its aircraft have flown over more than 36,000 kilometers of electrical lines within the two largest commercial drone contracts awarded in Spain for Endesa and UFD, the electricity distributor of Naturgy.
Automation, AI, and advanced BVLOS authorization
The technology developed by the company makes it possible to automate the inspection of extensive infrastructures located in hard-to-access areas, which shortens deadlines, reduces operational costs, and limits workers' exposure to risky tasks. The data collected during the flights is analyzed using artificial intelligence (AI) tools to locate anomalies and expedite decision-making regarding network maintenance.
FuVeX also has "one of the most advanced operational authorizations in Europe," which enables flights beyond the pilot's line of sight (BVLOS flights) at distances of up to 10 kilometers. "This capability is essential for efficiently inspecting large linear infrastructures," the company has emphasized.
International expansion plan and sector diversification
The round will also allow FuVeX to accelerate its expansion abroad in Europe and Latin America, relying on clients and partners with whom it already has commercial agreements. To this end, it will strengthen its technological, industrial, and business teams, in order to increase its manufacturing and operational capacity and adapt its solutions to the particularities of each market.
In addition to the electrical sector, FuVeX plans to expand its presence in agriculture, 'Oil & Gas,' and other critical infrastructures. "This growth is supported by a proprietary technological ecosystem, which integrates unmanned aircraft, operational systems, and analysis tools using AI," the company has explained, emphasizing that its innovation is currently protected by eight patents.
The CEO and founder, Carlos Matilla, has emphasized that the operation represents "support for the company's technology, but, above all, for its vision: to contribute to European strategic autonomy through the development of drones designed, manufactured, and operated from Europe." In his opinion, "the oversubscription of the operation and the commitments received for future rounds demonstrate investors' confidence in FuVeX's potential and in a market that will be decisive for the security and competitiveness of the continent."