Phaistos Investment Fund invests in Matternet

5G Ventures announces the investment of Phaistos Investment Fund in Matternet (series B financing round), a US-based company founded by talented Greek Andreas Raptopoulos. The company provides micro-transport services with the use of drones in urban areas in Europe, North America, and the Middle East. As part of the investment agreement, Matternet will establish a subsidiary in Greece (Matternet Europe) for the management of its European operations.

Matternet uses drones for delivering items weighing up to two kgs in urban areas and within a 20-km range. The company has developed an innovative cloud-based platform with the ability to use the capabilities of 5G networks, for the secure management of the fleet through the use of encrypted communications. Furthermore, Matternet has developed liftoff/landing stations that also operate as charging stations for drones. The list of the investors of Matternet includes Boeing, through HorizonX Ventures, Sony, through the Sony Innovation Fund, Mercedes-Benz, and Swiss Post.

Up until today, Matternet drones have completed 20,000 commercial flights in eight cities in the US, Switzerland, Germany, and the United Arab Emirates, contributing to the safe delivery of sensitive items without increasing the burden of road transport networks and in an utmost sustainable and environmentally-friendly manner (ESG criteria).

Matternet solutions have been used already for the transport of sensitive goods between healthcare units in Switzerland, while the company is estimated to serve 100 destinations in Abu Dhabi by making 3 million deliveries in the healthcare units of the city. Moreover, Matternet drones have been successfully used by organisations such as the World Health Organisation, UNICEF, and Doctors Without Borders in emergencies in Africa, Central America, and Asia.

Matternet Europe will be based at “Lefkippos” Technology Park of the National Centre for Scientific Research “Demokritos”, where it will collaborate with the scientific team of the Media Networks Lab. “Demokritos” is part of the collaboration network 5G Ventures has developed for the support of Phaistos’ investees with infrastructure, know-how, and access to R&D resources.

According to independent studies, the global market for drone-based urban transport will reach USD 56 billion in 2030 and USD 1 trillion by 2040.