Tuesday, July 22, 2008

Insitu Acquired By Boeing

Aircraft maker Boeing said Tuesday morning that it has acquired Bingen, Washington-based Insitu, a developer of unmanned aircaft systems used by the Department of Defense. According to the firms, Insitu will become a wholly owned subsidiary of Boeing's Integrated Defense Systems' Military Aircraft division. Financial terms of the deal were not disclosed. Insitu was venture backed by Battery Ventures, Second Avenue partners, and Pteranodon Ventures. Insitu most recently raised $25M in a venture round in December of 2007. Insitu has worked with Boeing on its ScanEagle unmanned aircraft system since 2002.