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- Drone safety company ParaZero has secured orders of more than $343,000 for its custom parachute systems
- The company has been granted more than 35 waivers with companies such as CNN, Verizon Media and Fox News
- These new orders will be delivered by the end of 2019 with revenue expected in the current quarter
- ParaZero’s share price remains steady after extending its voluntary suspension with shares trading for 7 cents apiece
ParaZero has secured more than $343,000 from international drone manufacturers for its custom parachute systems.
The new orders for SafeAir OEM were from drone manufacturers who were looking to deploy the ParaZero technology in their applications in congested and densely populated environments.
The orders will be delivered by the end of 2019 and revenue is expected to come in the current quarter.
“Drone logistics is a rapidly emerging industry and ParaZero is at the forefront of drone safety. We are well positioned for growth as we capitalise on this global megatrend,” CEO Eden Attias said.
ParaZero’s SafeAir system independently monitors key flight parameters of the drone’s aviation systems.
The drone flight profile is collected and then monitored for anomalies if they arise.
When critical failures are identified the mechanical flight termination stops the rotors and a parachute is deployed and the descent of the drone is safely controlled.
ParaZero has also revealed the sales of its SafeAir Phantom and SafeAir Mavic are increasing after the Federal Aviation Administration (FAA) granted ParaZero customers the first ever waivers for flying over people.
ParaZero’s systems are currently the only off-the-shelf product that is being used that can legally fly over people.
“ParaZero has developed a solution for existing drones to improve their safety when flying over people, but longer term we are working with drone manufacturers to ensure our technology is fitted to every device at the time it’s procured,” Eden commented.
The company has confirmed that more than 35 waivers have now been granted by the FAA to companies such as Fox News, Hensel Phelps, Verizon Media, CNN, and the North Dakota Department of Transportation.
The FAA has also recently approved several drone delivery programs for testing and commercial deployment.
Alphabet company Wing and UPS have both already received approvals and have started deliveries.
“Both the Alphabet and UPS had to demonstrate their risk and mitigation strategies to the FAA. This is the best indication that regulators are looking favourably at parachutes as a key risk mitigation strategy,” Eden said.
ParaZero’s share price is flat today after extended its voluntary suspension on October 21. Its shares are trading for 7 cents apiece at 3 pm AEDT.
