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Robots - Tuesday, May 9, 2006

Unmanned Plane Developer Gets $23M in Funding

insitugroup logo.jpg Out there in the sticks of Bingen, WA, The Insitu Group just landed $23M from Battery Ventures and Second Avenue Partners.

Insitu has grown fast in the past five years after winning more than $20M in contracts from the Navy and Marines - in total it did $25M in revenue last year and is profitable. Insitu's planes sell for $100K and it has made nearly 200 of them. In addition to military applications, Insitu has planes for mineral exploration, wildlife observation and commercial fishing but it seems that military applications are its bread and butter.

insitugroup plane.jpg
Group's ScanEagle Unmanned Spy Plane is About 4 Feet Long

Read - Insitu Group gets $23 million in funding for commercial aircraft (Seattle PI)

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