Venture capitalist Battery Ventures has invested $23 million in unmanned air vehicle manufacturer Insitu Group. The funding will be used to continue product development and expand Insitu’s product portfolio to keep up with increasing market demand. Consultancy Frost & Sullivan say the global UAV market is projected to be $50 billion by 2015. Insitu has developed the ScanEagle UAV with Boeing, which is in operation with the US Marine Corps and US Navy. “We’re on the cusp of a tremendous market opportunity and this investment will help us accelerate operations and innovation to keep pace with growing customer demand,” says Insitu chief executive Steve Sliwa.
Source: Flight International
