Investor Update | Q4 2020 Recap
Letter from the CEO, Joshua Resnick
Happy New Year! Each New Year brings new opportunities, and here at Parallel Flight, we're expecting 2021 to be our most exciting year yet. Our team has been working incredibly hard over the past few months to prepare our first production-intent drone for commercialization, and we are now only weeks away from its first flight. I cannot wait to share updates with you when our beta aircraft has lift off and we begin flight testing - we think this drone is going to be a game-changer. Beyond bringing a new technology to the market, Parallel Flight is well-positioned for rapid growth in the unmanned systems industry. Unlike competitors who primarily function as OEMs (original equipment manufacturers), PFT will provide full-stack solutions by serving as an OEM with DAAS (drones as a service), allowing us to create new markets in this high-growth space.
Along with the excitement around launching our first commercial product, I'm also really happy about the growth we're experiencing as a company. We recently hired two new team members to support our aircraft production and will continue to grow our team in the coming months. Our customer pipeline is strong, we're making great progress with our grant research, and our crowdfunding campaign has had continuous momentum since launching in the fall. We have certainly had a wonderful start to the year, and we can't wait for what's to come. Thank you for taking this journey with us!
Joshua Resnick, CEO
Buzz from the Hive
Beta Coming Soon!
Our team is making great progress with constructing our beta-level aircraft: the airframe is complete, the new hybrid power modules are being assembled, and the completed aircraft will be unveiled in Q1. Once complete, the aircraft will undergo rigorous field testing before being delivered to our beta customers.
Over $1M Raised
Our Regulation A+ offering on StartEngine has raised over $1.5 million to date! If you haven't checked out our most ambitious crowdfunding campaign to date, visit our offering page today to learn how you can own a stake in Parallel Flight.
We recently shared information about our SBIR grant from the USDA, which we received to support the development of a large-scale unmanned system for controlled ignition (read more here).
We have been working closely with the team at Drone Amplified, a leader in the controlled burn space, to develop a solution for this critical land-management application. This month, we'll begin flight tests with Drone Amplified's IGNIS system, which will be integrated with our platform and flight controller to drop incendiary chemical spheres. Stay tuned for updates and exciting video footage of the IGNIS system at work!
National Science Foundation Grant
Parallel Flight Technologies is funded in part by a Small Business Innovation Research (SBIR) grant from the National Science Foundation to support the development of our technology. One of the key steps in developing and testing our drone propulsion technology is flight testing with our full-scale electric drone, "The Big Mule," which mimics the size and mass distribution of our beta aircraft.
In Q4, we flew many successful test flights with The Big Mule and were able to validate and tune our flight controller with the same programming to be applied to our commercial-intent drone. We also integrated our first payload drop mechanism into The Big Mule, which will be used for missions with our beta aircraft. The next steps for this test drone will be heavy payload dynamics testing, propeller thrust validation, and system integration testing.
Meet Our New Team Member
Max is a recent graduate of Embry-Riddle Aeronautical University, holding a degree in Mechanical Engineering with a concentration in propulsion. He was a member of the university's rocketry club and was recently featured on the Discovery Channel's "Rocket Around the Xmas Tree" television show.
For even more updates from the PFT Hive, register for our first Investor Webinar of the year! We’ll be hosting this live webinar on Tuesday, January 26th at 12:00pm PST.
Register here: https://us02web.zoom.us/webinar/register/WN_BLV2fQHZSv2nA0DPfUwzFA
This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment.