Flytrex Raises $9.3 Million for R&D

Flytrex has raised $8 million in funding in their efforts to scale up production and R&D capabilities. This funding, in use with a $1.3 million grant from the Israel Innovation Authority will help to standardize drone delivery.

Inspired by these unprecedented times, Flytrex is working to create innovative ways to use drone technology. The convenience of rapid unmanned delivery could improve the lives of suburban dwellers, who are typically limited in purchasing options. They have begun making partnerships with many countries to implement these sterilized drone-based stations for essential deliveries. They began a pilot project in 2020 to deliver medicine and packages to folks in Grand Forks, ND. The drones are controlled over the cloud and directed with GPS – no cameras at all. 

Are you developing new technology for a new application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at or contact your usual Swanson Reed representative.

Recent Posts