Parallel Flight Technologies opens round of equity crowdfunding on Start Engine

Parallel Flight Technologies launched a round of funding on equity crowdfunding platform Start Engine. The La Selva Beach-based company creates drone technology with increased flight time and payload with the mission to save lives, property, and the environment.

Parallel Flight Technologies specialises in proprietary Parallel Hybrid Electric Multirotor (PHEM) drone technology that allows drones to carry heavy payloads exponentially longer than current technology. By combining extreme heavy lifting with long duration, the company's unmanned autonomous aircraft opens new possibilities for the safety of first responders and many other commercial applications.

The drones can be deployed to help firefighters by delivering tools, fuel, food, and water, and can navigate dark and smoky environments. Further uses include search and rescue, logistics missions, and healthcare applications.

All three co-founders have been directly affected by California's wildfires and had to evacuate from their homes in 2020 as firefighters fought to save their homes and community.

"We are pleased to open equity crowdfunding for our company to support extensive flight testing and certification efforts," said Co-Founder and CEO Joshua Resnick. "Our initial market is wildland firefighting support. Wildfires are an ongoing urgent public safety crisis that has been exacerbated by environmental problems."

"We are seeing expanded use of drone technology in the fire industry, but still on a small scale. For example, a typical flight may carry 25 pounds for a relatively short duration," said Chief Scott Watson, a Retired CAL FIRE Battalion Chief with over 30 years of experience and Parallel Flight adviser. "Drones that can carry heavier loads for longer durations, like the technology Parallel Flight has developed, will expand our aerial firefighting capability, improve safety and bring a new level of technology to vertical lift missions."

Parallel Flight Technologies has previously raised over 8M from crowdfunding investors. The company is also funded in part by NSF, NASA, and the USDA.

Since Parallel Flight's last Start Engine offering, the company's ongoing test program is flying drones fully autonomously with up to 100lbs of payload. In addition, the company has increased customer traction with over 30 LOI's signed valued at 60 million in revenue over the next three years. It has also expanded its team of experts and was selected as the drone of choice for Project Vesta, a rapid wildfire detection and response pilot project led by the Naval Postgraduate School. These achievements are among numerous other exciting milestones.