A Somerset drone company has raised more than £3m of new capital by way of an equity placement.
Frome-based Certo Aerospace secured its latest investment from existing shareholders and high-net-worth individuals and follows over $5m of inflows from the US Department of Defense in recent years.
The company will use the funds to accelerate the development of its large uncrewed air systems, which it says could replace manned helicopters.
The high-tech aircraft is now in its second year of regular flight tests, has a range of 300 miles, can fly up to eight hours non-stop and can lift 300kg of payload and fuel.
According to Certo, the vehicles could be used for humanitarian assistance, disaster relief and casualty evacuation.
The lead design for Certo is the Capstone Vertical Take Off and Landing (VTOL) aircraft which the company says is currently the largest drone flying regularly in the Ƶ. Capstone has a certified aero-engine and will be operable from land and from ships or other platforms at sea.
Capstone aircraft are currently being trialled by various government agencies and are flying from multiple sites in the West country, including former RAF, Royal Navy and Army aerodromes.
Certo’s managing director Justin Tooth said: “At our pre-deal valuation of £16m, we’re delighted that our original target amount was significantly oversubscribed. This allowed us to expand the raise so that we can now further accelerate the Ƶ flight trials."
Certo is actively positioning Capstone for various defence and civil 'Uncrewed Air System' programmes in the Ƶ and USA.
It is also showcasing two of its flying prototypes at the Future Lab exhibition at Goodwood Festival of Speed in July.
Certo’s chairman Jonathan Tate added: “This raise was boosted in part by strong industry tailwinds in defence and autonomous technologies, but our impressive flying videos on social media also really helped. Investors swiftly saw that Capstone is more than just another drone; it’s a highly capable, long-range multi-role unmanned helicopter.”
