Core Insights - Hoverfly Technologies successfully closed a $20 million Series B funding round, led by Leonardo DRS and Korea Robot Manufacturing (KRM) [1][2] - This funding is the largest in the company's history and will enhance Hoverfly's position in the tethered drone sector, crucial for U.S. defense initiatives [2][11] Investment Details - Leonardo DRS invested $15 million, demonstrating confidence in Hoverfly's business model and growth vision, and signed a manufacturing agreement to expand production [3][4] - KRM contributed $5 million and will establish a facility for domestic production of key components, enhancing supply chain resilience for the U.S. defense sector [4][5] Strategic Partnerships - KRM's partnership with Hoverfly aims to create a U.S.-based supply chain for critical UAV components, aligning with national security priorities [6][7] - Both DRS and KRM will act as official resellers and integrators of Hoverfly's Sentry and Spectre systems, expanding the company's global reach [6][7] Market Position and Growth - The tethered drone market is projected to grow from approximately $140 million in 2023 to over $2.6 billion by 2032, with a CAGR of 38% [11] - Hoverfly has sold over 800 tethered drones to U.S. and allied defense customers, indicating strong market traction [11] Technological Advancements - Hoverfly's NEXUS capability supports unmanned ecosystems, enhancing operational ranges for various military applications [10] - The technology aligns with U.S. Department of Defense priorities for secure, domestically sourced unmanned systems [7][10]