Aviation & Aerospace technology business presents to Dorset Business Angels and completes funding round.
Dorset Business Angels (DBA) held their autumn pitch event in Bournemouth. 5 entrepreneurs pitched to investors with 3 of the pitching businesses securing investor interest on the evening. However, one business in the aviation & aerospace sector piqued a particularly high level of interest and impressively achieved their full funding ‘ask’ of £144,000 on the evening. This allowed them to successfully complete their current Round 1 funding of £700,00.
Bath-based 3UG Autonomous Systems Ltd is creating autonomous flight for the next generation of air mobility. By removing reliance on pilots, the operations can become safer, more profitable and scalable. This has the potential to unlock a $230bn market. The award-winning patented 3UG Risk Intelligence approach has been demonstrated through simulations and flight tests to consistently produce safe, logical and proportionate autonomous behaviour.
Angel Investors listened intently as CEO David Cleaver and Director Business Development Anthony Lawrenson outlined the opportunity and the technology behind the business.
David said, “We are seeking to answer the question; if you take the pilot out, what intelligence do you put back in to achieve safe and reliable flight?
“The technology is aimed at the emerging markets of drones and air taxis, which are showing considerable growth at this time. Drones, however, are limited by the remote pilot’s situational awareness and air taxis only become scalable once autonomous.
“By 2028 there needs to be an autonomous alternative and it is 3UG’s intention that we will be there, ready and waiting with a certified autonomous system.”
Investors learnt that the technology is agile (can handle any scenario, using any sensor, on any platform, for any customer), compatible (can integrate into airspace systems and also works independently) and certifiable (not AI). Market opportunities were outlined as:
· Pre-Flight Planning – online flight planning tool that can reduce risk exposure 40 – 95% before take-off
· Counterdrone – a Counterdrone system user interface, minimising airport closures through fast, informed decision making
· DARI Autonomy – onboard flight guidance software, initially enhancing and then replacing the pilot
The team behind 3UG Authonomous Systems was introduced to the Angels, showcasing a diverse wealth of talent and experience from across the aviation & aerospace sector.
The investment will be used to continue the product development and release, enable the co-founders to go full-time and recruit a Deep Tech Executive to maximise commercialisation.
DBA Investor Ashley Faull commented; “It was excellent to be able to see live pitches again and hear the questions from fellow potential Angel Investors. In fact, I was so encouraged by the intelligent and considered questions put by two of my fellow DBA Angels that I have now co-invested with them for the first time. I am primarily backing their knowledge of this sector, alongside what appears to be an absolute first-rate management team at 3UG.”
The next DBA pitch event will be on January 24th2022 and will be held at the Marsham Court Hotel in Bournemouth. Five entrepreneurs seeking to secure investment will pitch to Angels. There will also be an online option for investors unable to make this date.
Don McQueen, DBA Chairman added, “Our January event looks set to be another fascinating occasion to bring entrepreneurs and investors together, in a bid to raise equity capital and accelerate the growth of early-stage businesses. Whether you’re a seasoned investor, or interested to find out more about Angel Investing, you are very welcome to attend and I promise you that we won’t ask you to get your cheque book out on the night!”
For further details and how to register for the event, please visit the DBA website https://dorsetbusinessangels.co.uk/events