Mentioned:
Uber is making a bet on something new: drones.
What’s happening:
- Uber (NYSE: UBER) has made a new strategic investment into autonomous drone delivery company Flytrex
Why it matters:
- This is the first time ever that Uber has made a direct investment into a drone company
Going deeper:
- Uber’s new investment into Flytrex Is part of a larger partnership in which Uber will leverage Flytrex’s drones for food deliveries through their Uber Eats app
- Flytrex’s drones are cleared by the Federal Aviation Administration for Beyond Visual Line of Sight operations and have successfully completed hundreds of thousands of deliveries in the United States of America
The fine print:
- The exact financial terms of Uber’s investment into Flytrex have not been publicly disclosed and it is currently unclear when Flytrex will officially become available to Uber Eats users
