Mentioned:
AgEagle Aerial Systems wants to get into the counter drone technology business next. And they’re putting millions of dollars into a company in Israel to do it.
What’s happening:
- AgEagle Aerial Systems (NYSE: UAVS) has committed $10M USD in funding to form a joint venture with Israeli counter drone technology company ThirdEye Systems
Why it matters:
- ThirdEye Systems has developed counter drone technology that is capable of automatically identifying and tracking drones in real time using electro-optical imaging and can be used in complex environments and all weather conditions
Going deeper:
- ThirdEye Systems and AgEagle Aerial Systems have both publicly stated they will incubate a new American domiciled company known as ThirdEye USA that will operate from AgEagle Aerial Systems' facility in Austin, Texas as part of the new joint venture and AgEagle Aerial Systems will own 51% of the newly formed company
- AgEagle Aerial Systems previously made waves when they sold six of their flagship eBee TAC drones to the Untied States Army
The fine print:
- AgEagle Aerial Systems has not publicly disclosed whether the new $10M USD funding commitment into ThirdEye Systems will be done in cash or equity
