LAFAYETTE, La., Oct. 25, 2023 /PRNewswire/ -- FlyGuys, a reality data-capturing technology company based in Louisiana, announces the triumphant closing of its Series A funding round, securing a remarkable investment of $10 million. This substantial financial boost is poised to catalyze relentless innovation, create a scalable software solutions platform, and strengthen the company's nationwide influence.
The round was led by prominent investors who have recognized FlyGuys' commitment to using software as a service to connect data-seekers with data providers. Among the financiers, Mitchell Capital and Advantage Capital, who have made previous investments toward the growth of FlyGuys, have returned to fortify the company's vision further.
"When we first invested in FlyGuys in 2021, we were intrigued by the innovative nature of the company and its early growth in a fast-growing industry," said J.P. Lynch, Vice President, Advantage Capital. "Today, we are eager to see what is next for the company and confident it will continue to make strides as a leading reality data capture company while also creating quality jobs in the local community."
Paul Tyree, CEO of Mitchell Capital, shared his perspective on the investment: "Our enthusiasm for backing FlyGuys is grounded in our faith in the expertise and vision of their management team. They are constructing an innovative, technology-driven business that consistently delivers exceptional value to their clients."
Under the leadership of Joe Stough, CEO of FlyGuys, the company has undergone a remarkable transformation over the past year. Stough stated, "Since I stepped in from the Board Chairman role a year ago, we've been reshaping FlyGuys' business model to fulfill the need for a nationally scaled online marketplace for reality data capture. We are channeling this new capital infusion towards the creation of a highly scalable, cloud-based platform designed to connect the demand across various vertical markets, such as construction, agriculture, green energy, telecommunications, insurance, and more, with our extensive network of local data capture providers, predominantly comprised of drone pilots, spanning every state in the nation. I'm excited to work with this talented and motivated team to bring another tech startup to Louisiana and make an impact by creating jobs locally everywhere in the nation."
The funds raised in this Series A round will be utilized to further FlyGuys' strategic initiatives to drive reach, reliability, and capacity nationwide. The primary objectives of the funding are as follows:
- Community Engagement: Generate employment opportunities at both local and national levels, fostering economic growth.
- Software Scalability: Develop a robust software platform that allows seamless expansion, ensuring easy access for data-seekers.
- Enhanced Nationwide Presence: Strengthen market reach and establish connections with data-seekers across diverse industries.
FlyGuys has achieved remarkable growth milestones, propelling itself to the forefront of the reality capture industry. Through its unwavering commitment to innovation and customer satisfaction, FlyGuys has not only established itself as a pioneer in the field but has also set new benchmarks for excellence. With this substantial Series A funding, the company is poised to continue its journey of unbound progress and contribute to the widespread adoption of cutting-edge data capture technology across various sectors.
About FlyGuys: FlyGuys is a leader in the reality data capture online marketplace for businesses across various industries. FlyGuys connects data-seekers with data providers empowering businesses to make informed decisions, streamline operations, and achieve their goals. The company's mission is to transform industries through the power of high-quality, data-collecting technology.
About Advantage Capital: Advantage Capital provides financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $4.1 billion in companies from a diverse array of industry sectors and has helped support more than 67,000 jobs. Learn more at advantagecap.com, or via X (Twitter) or LinkedIn.
For media inquiries or further information about FlyGuys' Series A funding, please contact:
Whitney Savoie at [email protected]
Advantage Capital is an Investment Adviser registered with the U.S. Securities & Exchange Commission. Such registration, however, does not imply a certain level of skill or training. This release has been prepared for informational purposes and to announce a prior event, and nothing herein should be construed as an offer of investment advisory services or as an offer to sell or a solicitation of an offer to purchase any securities or investment product. All offers of investment interests in any fund or investment vehicle managed directly or indirectly by Advantage Capital are and will be made only to qualified prospective investors pursuant to separate and definitive offering and subscription documents in accordance with applicable federal and state securities laws. Advantage Capital is an equal opportunity provider.