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Credit Suisse invests in drone startup

Major bank Credit Suisse is investing a seven-digit amount in Fotokite. The spin-off from the Swiss Federal Institute of Technology in Zurich is developing a tethered drone capable of aerial photography and videography.

Image Credit: Thomas Wolf, Wikipedia/Creative Commons
Image Credit: Thomas Wolf, Wikipedia/Creative Commons

 

Credit Suisse has invested a seven figure sum in Fotokite via its venture capital vehicle Credit Suisse Entrepreneur Capital, as was reported in a press release. The company produces tethered drones that can be operated autonomously over unlimited periods of time. These drones have been developed for aerial photography and videography. The captured images can be streamed in real time and this could be beneficial to fire crews in the field, for example. By delivering valuable information on an emergency scene first, these drones can help emergency response teams decide how to best proceed against the fire.

Fotokite was founded in 2014 as a spin-off from the Swiss Federal Institute of Technology in Zurich (ETH) and currently has 25 employees. This investment from Credit Suisse will allow Fotokite to accelerate its growth and create additional jobs in Switzerland. Last year, the startup also impressed across the pond, winning the main prize worth US$1 million in the U.S. business accelerator program GENIUS NY.

Since 2010, Credit Suisse has invested venture capital amounting to 130 million Swiss francs in more than 50 SMEs and startups through Credit Suisse Entrepreneur Capital Ltd. To commemorate the 200th anniversary of the birth of its founder Alfred Escher, Credit Suisse this week expanded the successful investment vehicle by a further 70 million francs to a total of 200 million francs. “With Credit Suisse Entrepreneur Capital Ltd. we are not just investing in the companies themselves, but also seeking to ensure that Switzerland remains a globally leading center of innovation and business in the future too,” commented Didier Denat, Chairman of the Board of Directors of Credit Suisse Entrepreneur Capital AG and Head of Corporate Clients & Investment Banking at Credit Suisse in Switzerland, in a press release.

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