Soar Robotics has hit its funding cap on Republic, according to the offering page. The AI boosted drone company has raised $1.07 million (the funding cap under Reg CF) from 4,376 investors. Backers of this company receive a “CrowdSafe” with a 20% discount. The pre-money valuation of Soar was set at $7 million.
The company says it is planning to convert the notes to equity in the first equity round that may take place at the end of the Q3 or during the fourth quarter of 2020.
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Soar Robotics has created fully autonomous industrial drones and ground bases. Fully autonomous means no need for a ground based human pilot. The “drone-in-a-box solution” is targeting the hot drone market by taking the concept further by removing much of the human intervention typically required.
The company is also launching a “Robotics as a Service” model.
The total addressable market is predicted to be $300 billion by 2025.
While the Reg CF offering is completely filled, Republic is taking names for a waiting list. The Reg CF round will formally close on March 11, 2020. The company encourages individuals to join the waitlist.
Additionally, at times, some issuers will accept further investments if an investor qualifies as an accredited investor. Regardless, a future investment round is clearly in the works.
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