Upfront Ventures is raising two funds totaling $500 million, AeroVironment secures $36.5 million drone contract with Australian military, and Virgin Galactic conducts test glide flight and says it’s nearing propulsion tests.
Upfront Ventures Raising Two Funds Totaling $500 Million
Venture capital firm Upfront Ventures announced in regulatory filings that it is raising a sixth fund targeted at $380 million, and a second opportunity fund targeted at $120 million, reports PE Hub. The firm raised $280 million for its fifth fund in 2014.
AeroVironment Secures $36.5 Million Drone Contract with Australian Military
AeroVironment secured a $36.5 million contract for its Wasp AE drone with the Australian military, reports Defense Update. The Wasp AE weighs 2.8 pounds, operates for up to 50 minutes at a range of up to five kilometers, and delivers live, streaming color and infrared video.
Virgin Galactic Conducts Test Glide Flight, Says Its Nearing Propulsion Tests
Virgin Galactic performed another glide flight of SpaceShipTwo on Thursday and suggested it was nearing a new phase in the test program of the suborbital space plane, reports SpaceNews. The company said it will now spend some time on the ground preparing the spaceship for rocket engine tests.
Send tips on L.A. tech companies and startups to reporter Garrett Reim via [email protected]. Follow @garrettreim on Twitter for the latest in L.A. tech news.
