Portfolio News
FOR IMMEDIATE RELEASE
Insitu Closes $25 Million Series D from Battery Ventures
Financing Will Be Used to Accelerate Growth and Expand the Company’s Unmanned Aircraft Systems and Services
BINGEN, WA – December 10, 2007 – Insitu, Inc., a pioneer developer of long-range, autonomous unmanned aircraft systems (UAS) and advanced tools for intelligence, surveillance, and reconnaissance (ISR), today announced it has closed $25 Million in Series D financing led by Battery Ventures. Existing investors Second Avenue Partners and Pteranodon Ventures also participated in this round. The financing will be used to continue to advance the company’s technology and scale the organization.
Insitu was recently named by Inc. Magazine as the 87th fastest growing company in North America. Insitu also ranked 4th on Deloitte's 2007 Washington State Technology Fast 50 list, recognized for its five-year growth trajectory. Insitu’s unmanned aircraft systems have achieved more than 60,000 hours of operational experience since being deployed in 2004 for both land and sea-based missions.
“We’re seeing extremely high customer demand for and satisfaction of our technology, and this financing will help us make the most of that momentum,” said Steve Sliwa, President and CEO of Insitu. “Our miniature robotic aircraft are an ideal platform for military, commercial and civilian use, based on their small size, long-endurance, low-cost, basing flexibility, and consistent reliability. Today, we have an operationally mature platform that is making a difference every day in military applications, and we want to continue to innovate to give our customers the technological advantage they require.”
Insitu has been recognized as a best-in-class product for the small, tactical
unmanned aircraft vehicle (UAV) market. The unique and versatile technology
is available in challenging mission environments that are off-limits to other
unmanned aircraft systems. It operates autonomously over the ocean,
from small and unprepared fields, in rugged terrain, in high winds, crosswinds,
and significant precipitation, reliably and repeatedly.
“Insitu has done a great job establishing their technological and market
leadership in the UAS market,” said Roger Lee, general partner at Battery
Ventures. “They have a terrific market opportunity in front of
them and the team has executed exceptionally well. We’ve seen a steady
increase in the use of robotics in the mainstream, and are now seeing the requisite
military, commercial and civilian budgets increase to make the best use of
these new technologies. This additional financing will allow the team to not
just maintain, but accelerate, their pace.”
About Insitu
Insitu, located in Bingen, Washington, designs, develops, and manufactures
unmanned aircraft systems (UAS) for commercial and military applications.
Insitu introduced the first unmanned aircraft (UA) to cross the Atlantic
Ocean and has partnered with Boeing to develop ScanEagle® and Fugro Airborne
Surveys to develop GeoRanger™. For more information about the company,
visit www.insitu.com.
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide.
The firm partners with entrepreneurs and management teams across technology
sectors, geographies and stages of a company’s life, from start-up and
expansion financing, to growth equity and buyouts.
Battery has supported many breakthrough companies around the world, including: Airespace (acquired by Cisco), Akamai Technologies (NASDAQ: AKAM), Cbeyond (NASDAQ: CBEY), LIFFE (acquired by Euronext), and Neoteris (acquired by Netscreen). Its current portfolio includes emerging firms such as BladeLogic (NASDAQ: BLOG), Cedar Point Communications, Lion Cells, Netezza (NYSE Arca: NZ), Spot Runner, and Tejas Networks, as well as more established companies such as ITA Software, Consona Corporation, MetroPCS (NYSE: PCS) and Nova Analytics.
From offices in Boston, Silicon Valley and Israel, Battery manages nearly $3 billion in committed capital, including its current fund of $750 million. For more information, visit www.battery.com.
For more information:
Chesua Patte
Insitu, Inc.
509.493.6341
chesua.patte@insitu.com
Karen Bommart
Battery Ventures
781-478-6672
kbommart@battery.com