In the Spotlight: Firm hopes drone racing becomes next major competitive sport
NASCAR in the sky — tech-driven sport is ‘next big thing,’ UVify believes
“It marks a cultural shift to tech-driven entertainment and competitive sports.” Robert Cheek, UVify head of business development
Editor’s note: Here are three Bay Area startups worth watching this week.
San Francisco startup UVify says it is capitalizing on “the next big thing” in sports: drone racing.
“It marks a cultural shift to tech-driven entertainment and competitive sports,” said Robert Cheek, the company’s head of business development.
UVify has several models of its Draco drones: Draco Research, which is sold to universities, governments and corporations; and for consumers, the Draco and Draco HD, zippy little drones that can reach up to 100 mph.
Drone racing is quickly moving from a niche sport to a serious business that has caught the attention of ESPN and extreme-sports brand Red Bull. ESPN signed a broadcast deal with the International Drone Racing Association last year to showcase a series of racing events. Red Bull recently held its first drone-racing tournament in Austria, which UVify employees attended. Companies and celebrities have poured money into the field, with hopes of it becoming a NASCAR in the sky.
There are still some technical challenges facing the industry: battery life, video quality and high prices. The Draco sells for $699, the HD model for $799, and Draco Research costs $4,999, Cheek said.
UVify, which has $5 million in funding and nine employees, garnered extra attention on startup database Crunchbase this week because it began selling its racing models commercially. The Draco HD is already sold out.
Cheek said the drones helped film an action scene for a show set to air by the end of the year. He also said it is developing a new product to be unveiled at the CES trade show in Las Vegas in January and is also “working on a product with a large tech company in Asia.”
“It is a new field and a new sport, and no one really knows who is gonna be the one running the business,” he said. Also trending:
Spiral Therapeutics
What it does: A biopharmaceutical company that develops therapies for inner ear disorders.
What happened: The company received “positive feedback” from the Food and Drug Administration related to its plans for its LP T99 program, designed to prevent chemotherapy-induced hearing loss in pediatric patients.
Why it matters: This company, which could not be reached for comment, has called its products “first-in-class,” which means the FDA views it as a novel way to treat a medical condition.
Headquarters: San Francisco
Funding: $3 million, according to Crunchbase
Employees: 4, according to LinkedIn
Doorman
What it did: Scheduled package deliveries for a one-hour window, for a monthly fee of $89.
What happened: It shut down. CEO Zander Adell said in an email that the company is “joining forces with another team” in a deal that will be final in about three weeks. Startups sometimes shut down in “talent acquisitions,” where employees stop working on a product and move en masse to a new company. For their new employer, such deals can be a fast way to hire a lot of engineers.
Why it matters: While it is unclear why this startup folded, all last-mile delivery startups — from Postmates to Instacart — face stiff competition from Amazon, Google, Walmart and more. Headquarters: San Francisco Funding: $3.37 million, according to Crunchbase
Employees: 11-50, according to Crunchbase
“It is a new field and a new sport, and no one really knows who is gonna be ... running the business.” Robert Cheek, UVify