Cozmo and Vector Parent Company Sign Agreement with Drone Pioneer to Build a Next-Level Robot Consumer Companion
Image provided by Draganfly, Inc.
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The evolution of the drone has been one of the technological phenomena of the past 2 decades. Once only a tool for the military, consumer growth skyrocketed in 2016 when the Federal Aviation Administration granted new flight exemptions. Today that evolution continues with artificial intelligence (AI), driving exciting new opportunities for the burgeoning drone market while making them more intelligent.
AI drones are now used to monitor crop and plant conditions to play a crucial role for cities in developing adequate traffic flow. Companies like Amazon.com, Inc (NASDAQ: AMZN) continue to use AI technology to fuel drone package deliveries.
Supported by the increased need for drone technology in commercial and government sectors, Statista Research estimates that sales of U.S. consumer drones to dealers eclipsed $1.25 billion in 2020. Goldman Sachs Group, Inc (NYSE: GS) forecasts that the total drone market size will soon be worth $100 billion.
And now, to take drones to the next level, the company that owns 2 of the best-selling computer robots of all time has struck a manufacturing agreement with an industry-leading drone solutions and systems developer.
Digital Dream Labs (DDL), an “edtechtainment” company specializing in the development of hands-on video games, personal robots, and desktop robots — named Cozmo and Vector — has signed a $9 million minimum manufacturing agreement with drone pioneer, Draganfly Inc (NASDAQ: DPRO) (CSE: DPRO). The deal will give DDL Draganfly-developed AI needed to design and develop a new robot consumer companion drone.
“This AI robot drone fits perfectly into our portfolio and complements our mission as we continue to change the narrative around technology and illustrate how it can be used to improve lives,” Jacob Hanchar, co-founder and CEO of Digital Dream Labs, said.
“We are very excited to be working with Draganfly on the newest addition to the Cozmo family.”
Draganfly will become the exclusive manufacturer and assembler of the drone through the agreement, with DDL ordering at least 50,000 units annually beginning in 2022. The drone will be integrated into DDL’s existing product family, including support, sales and distribution channels used for its other consumer robots. Draganfly has also been granted a right of first refusal to become the exclusive manufacturer and assembler of any future drones or unmanned aerial vehicle-based robots to be added to Digital Dream Labs’ product portfolio.
“The Draganfly team is incredibly excited to be working with Digital Dream Labs and helping them in taking hands-on educational technology to new heights with this new robot,” Draganfly CEO Cameron Chell said. “Our team of robotics, AI and aviation experts are looking forward to helping DDL cement their market-leading position by developing the ultimate drone companion.”
Draganfly is a pioneer in the drone industry, creating cutting-edge drone solutions, software and AI systems for 20 years, revolutionizing how organizations can do business and service stakeholders. The company has developed technology allowing its customers to have products and services overcoming road and rail network challenges in time-critical situations. It now serves commercial, military, medical and emergency services markets.
For more information on Draganfly, Inc., visit www.draganfly.com.
The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.
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