WA drone company thinks big ahead of expected ASX launch

The West Australian06-17

WA’s ASX-bound attack drone company, Innovaero, will use the proceeds of its proposed $40 million initial public offer to crank up production and crack offshore markets before the globe is saturated ...

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(and) there’s other companies with quite decent products,” Mr Tunny said.“There will shakeouts in the industry, at the same time, people will see quite a bit of evolution in the next four or five years.”Innovaero can currently make 250 drones a year by hand in batches from its factory in Bibra Lake, but a new plant using robotic technologies being developed in Jandakot will significantly boost annual capacity to 2500.The group raised $17m from pre-IPO investors in November, with management using it to buy back control of the company from British defence contractor BAE Systems.Mr Tunny says the company is making money, but needs more to scale up production to take quicker advantage of demand.“The company is travelling well, we have an order book, we are profitable, we are cashflow positive,” he said.“This (IPO) raise is about positioning ourselves for the future and accelerating certain things, like product development and taking our products into national markets (offshore).”Innovaero didn’t “want to be the last competitor to get on the traction curve,” Mr Tunny said.“We’re building winged munitions that have substantive range and a substantive warhead, but we still need to build at a reasonable scale.“There’s still a good window of opportunity; we’ve seen a lot of products come to the market but a lot of it is pretty unrefined, a lot of it is done in a big rush.“The quality to go with the quantity will come with the next phase of development, so we need to get products into the market sooner rather than later and we need to capture key markets before they are saturated.”Innovaero sees strong potential to sell into the US, Britain and Japan, some NATO countries and other markets","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2644723497","isCrawlerRequest":true}