Drone Aviation Holding Corp., a developer of specialized tethered drones, on Wednesday announced that it has closed a $1 million offering of its Series G Convertible Preferred Stock. Frost Gamma Investments Trust, controlled by healthcare serial entrepreneur Dr. Phillip Frost, has invested $250,000 in the offering.
The publicly traded company, based in Jacksonville with offices in Aventura, intends to use the capital to accelerate the commercialization of its new WATT line of electronic tethered drones, said Felicia Hess, Drone Aviation’s CEO. Launched earlier this year, the WATT-200 electric tethered drone was created to gather real-time, broadcast quality video footage for a wide range of commercial applications including newsgathering, emergency first responder/search and rescue, military and border protection.
Drone Aviation develops and manufactures cost-effective, compact and rapidly deployable aerial platforms and electric-powered drones aimed at providing government and commercial customers with enhanced surveillance and communication capabilities for longer durations in military, law enforcement and commercial and industrial applications.
“Dr. Frost's ongoing support and involvement is a key element in our efforts to build this company into a leading manufacturer of tethered drones serving commercial and military customers around the world,” said Hess. Frost is chairman of Drone Aviation’s strategic advisory board.