Utica, NY, August 26, 2024 — Modovolo, Inc. is excited to announce the successful completion of its seed funding round in record time. “We started pitching investors on the second week of August and we had multiple offers to close out the round in a matter of days,” commented Justin Call, CEO.
The investment, from a select group of strategic investors, will accelerate the development and deployment of the company’s cutting-edge drone, the Modovolo Lift, which is set to transform, well, everything about drones.
“The Modovolo Lift is a complete rethink and departure from how drones are designed today,” explained, CTO, Erik. “A standard drone has a fixed center and fixed arms and can’t change as the mission changes. The Modovolo Lift is different. It’s completely modular. You just add and drop Lift Pods as needed to build the drone you need for each mission.”
“In addition to its modular design, it’s super lightweight, has twice the flight time, has high payload capacity, and is orders of magnitude less expensive than anything on the market,” continued Justin.
Modovolo was in stealth mode for 2.5 years of development and, after filing a slew of patents, publicly launched in March 2024. In just six months, Modovolo has gone from a completely unknown entity to an industry player with a rapidly growing list of customers and partners.
“We have an amazing partnership with ANDRO Computational Solutions to develop some truly mind-bending applications using the Modovolo Lift for their spectrum, AI, and edge-computing technologies for the defense space,” said Justin.
Andy Drozd, CEO of ANDRO continued, “We’ve been looking for a drone technology that had multiple mission capabilities, long flight time, and that was attritable – meaning that it is low cost and easily replaced. That’s a key requirement for the Department of Defense these days.”
“We need to also give a huge shout-out to FuzeHub, which awarded us a manufacturing grant to build our first production cell. FuzeHub believed in us and their confidence and commitment went a long way to instilling confidence in our seed round investors,” explained Justin. “And the MVCC thINCubator has been our long-time partner – even when we were in stealth mode – and they were key to helping us get the FuzeHub grant.”
While the identities of the investors and the specific amount of the seed round remain confidential, the support from these experienced and well-connected investors underscores the strong market potential and investor confidence in Modovolo’s vision and capabilities.
“It’s just awesome to have the support of investors who share our vision of revolutionizing the drone industry,” said Justin Call. “This funding will allow us to finish the development of the Modovolo Lift and move into production quickly.”
For more information about Modovolo, please visit www.modovolo.com or contact Justin Call at justin@modovolo.com.
About Modovolo
Modovolo is a start-up that’s launched the Lift, an endlessly configurable modular drone platform of Lift Pods and Utility Pods that are clicked together like Legos to build the right drone for every application, with hours of flight time, and at a price orders of magnitude less than anything on the market. You’ll want to see it for yourself.
For inquiries, please contact: Justin Call, justin@modovolo.com
Modovolo Secures Seed Funding in Record Time to Revolutionize Drone Technology | Commercial UAV News