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What happened: Last week, the state of Florida banned local and state government agencies from using foreign-made drones, citing their impact on national security. Nine other U.S. states are considering imposing a ban on foreign drone makers. Why it matters: The move is set to weaken Chinese drone manufacturer DJI's market share in the U.S., with competitors, including SkyDio and Brinc, set to capitalize on the opportunity. The global commercial drone market is poised to grow at 46% CAGR to reach a $504.5B market size by 2030. Relevance: Brinc, along with other drone makers, may see a further rise in their valuations and market share after the ban is implemented by all nine states. Seattle, Wash.-based drone maker Brinc, now valued at $300M, will use the opportunity to grow into emergency response services. The startup has secured $83M in venture funding to date since its founding in 2019. Blake Resnick, who leads Brinc Drones, said the firm still has over three years of cash runway to continue its growth. Where to see the impact: Other drone manufacturers that are set to benefit are Skydio, Parrot, and Altavian. Skydio was valued at $2.2B after it raised $230M in Series E funding in Feb. 2023. |
