GRIFF Aviation AS from Norway has completed another fund raising with Ronja Capital II from Norway and Japanese Chiba Dojo Drone Fund II Investment Limited from Japan. GRIFF Aviation develops industrial drones for several types of industries internationally including power companies, major construction projects, ports, offshore and for urban operations.
In total, GRIFF raised EUR 6,7M. The company has so far raised close to EUR 10M in cash, shareholder loans and from national and international grants. The last fund raising was based on a valuation on EUR 25M. The company now considers itself well financed and focuses on sales in India, Japan, Australia, Scotland and France. The plan is to raise additional capital, at some point, to expand the manufacturing capacity.
The first drone GRIFF developed was the GRIFF 135, which measures 2.5m x 2.5m and weighs 70kg of which the battery constitutes 40kg. It has a lifting capacity of 30kg with a flight time of 25min at up to 90km/h. GRIFF has started the commercial delivery of drones and the first drones were sold to Canada, US, Japan and Australia. The company is also working on signing research and development contracts, where the goal is to increase the lifting capacity and use cases with integration of advanced sensor & software for the new versions of the GRIFF drone range.
GRIFF has a long-term goal of substituting helicopters with drones when they fly cargo in a radius beyond 10km. The next project will be a larger demonstration in India, where one will demonstrate flying with cargo up to 4000m altitude. The company has also completed a JARUS SORA with Con. Ops. This enabled GRIFF to become one of the first heavy lifting drones (100kg in air) in the world with a flight permit to fly over a city. This is one of the most difficult challenges one can achieve in unmanned aviation.
Tore Tønseth, Investment Director at Ronja Capital says,
“We are impressed by how strong a position GRIFF Aviation has gained in the heavy-lift drone market. When large and dominant global players want to collaborate with the company, it tells something about how far GRIFF Aviation has come. We have great faith in what the company can achieve in this fast-growing market. ”
Miki Temmyo, Global Account Manager at Drone Fund says,
«DRONE FUND is convinced that GRIFF Aviation’s innovative, heavy-lift drones will be used in many industries. With its reliable technology, robust design and future-oriented vision, we believe GRIFF Aviation has the potential to be one of the industry’s leading companies ».
About Ronja Capital AS
Ronja Capital is a family-owned Norwegian investment company with a focus on growth companies and sectors with significant future potential. Ronja Capital currently has a large number of investments, ranging from early-stage to larger established companies. The investment company has been very active in the Norwegian capital market in recent years, with several IPOs.
About Chiba Dojo Drone Fund II Investment Limited
DRONE FUND invests in drone and air mobility, with the vision of a “drone mobility-based society.” Through existing funds, Drone Fund has an investment portfolio of more than 45 start-up companies in Japan and abroad.
About GRIFF Aviation AS
GRIFF Aviation is a development company of drone technology. The company was established in December 2015 and is based in Sykkylven, Norway. The company develops industrial heavy-lift drones, certified according to aviation standards.
Leif Johan Holand
GRIFF Aviation AS