Less than two weeks after the Federal Aviation Administration unveiled its proposed regulations for commercial drones, one California-based drone company sealed its latest round of financing.
North America’s largest personal drone manufacturer, 3D Robotics, raised $50 million on Wednesday led by Qualcomm Ventures. A valuation was not disclosed. The round was the largest amount raised by any U.S.-based consumer drone company to date.
A financial document filed with the Securities and Exchange Commission on Wednesday, showed that the company was only looking to raise $40 million in the round. According to the document, it had sold just over $32 million worth of shares. It’s unclear how 3D Robotics exceeded the $40 million it originally expected to raise.