Hoverfly Technologies, the leading provider of tethered drone systems for defense and security, is proud to announce the successful close of its $20 million Series B funding round, led by existing investor Leonardo DRS (DRS) and new partner Korea Robot Manufacturing (KRM).

The investment is the single largest capital raise in company history and will support Hoverfly’s continued dominance of the tethered drone sector, which is at the forefront of U.S. and allied defense initiatives.

Leonardo DRS, Inc. (Nasdaq: DRS), a leading provider of advanced defense technologies, invested $15 million in this round, reaffirming its confidence in Hoverfly’s business model and vision for sustained growth. As part of the investment, Hoverfly signed a manufacturing agreement with DRS to expand production of the Hoverfly Sentry and to launch a new production line for the Hoverfly Spectre system.

“Our continued investment in Hoverfly Technologies reflects our unwavering confidence in their innovative tethered drone solutions,” said Aaron Hankins, Senior Vice President and General Manager of the Leonardo DRS Land Systems Business Unit, and a member of the Hoverfly Board of Directors. “This partnership enables us to bolster U.S. defense capabilities through expanded domestic production and aligns with our shared commitment to strengthening national security.”