TGFS, HTGF in seed round for FlyNex

The investors did not disclose the sum invested in FlyNex, but confirmed it was a seven-digit seed round.

TGFS provides venture capital for technology startups based in Germany's federal state of Saxony. The investor closed a first €60m fund in 2008, and a subsequent €124m vehicle in March 2016. TGFS's investment tickets typically range between €100,000-5m.

HTGF meanwhile specialises in seed investments of up to €600,000, which can be completed with up to €1.4m of follow-up financing.

With the fresh funding, FlyNex intends to expand its existing offices in Leipzig and Hamburg, with a view to launch its drone technology software and pitch it to businesses. 

Company
Founded in 2015, FlyNex develops air control and unmanned aerial vehicle management software, targeting businesses making use of drones. The startup mostly targets companies within the civil sector, which do not generally have the specialised knowledge needed for the use of drones.

According to FlyNex, around 10,000 commercial drone missions were executed in Germany in 2016, with the German air-traffic control authority (DFS) estimating that more than a million drones will be sold in Germany by the end of this year.

Headquartered in Hamburg, FlyNex currently employs nine people in Hamburg and Leipzig.

People
High-Tech Gründerfonds – Kristin Müller (investment manager).
Technologiegründerfonds Sachsen – Patrick Feurich (investment manager).

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