Monday, May 8, 2006

Insitu Group Gets $23M

Bingen, Washington-based The Insitu Group has raised $23M in venture capital funding, according to the company's venture capital backer. Battery Ventures said that it led the round in the maker of Unmanned Aerial Vehicles (UAVs). Existing investors Second Avenue Partners and Pteranodon Ventures also participated. Insitu is developing UAVs used for intelligence, surveillance, and reconnaissance by the military and commercial markets. The firm said that it would use the funding to continue product development and expand its product portfolio. More information »