IONA 📦

Event Alert

• In October, we’re hosting a Startup Soirée for founders and funders in Los Angeles at a stunning venue with panoramic views of the city. It’s set to be an unforgettable evening with exceptional people, cocktails, live jazz, and breathtaking views.

Setting the Scene

• The current shipping logistics system underserves rural communities, causing companies to lose hundreds of millions each year due to:

  • Limited Accessibility: Traditional delivery systems struggle to reach remote and rural areas, resulting in delayed or missed shipments.

  • Reduced Service: Driver shortages and underutilized cargo vans mean slower deliveries and higher operational costs.

• This week’s company seeks to revolutionize rural logistics using drone technology to create more efficient and scalable delivery solutions.

In a Sentence

IONA is an autonomous logistics company that combines VTOL drones with fleet management technology to create a rural-optimized delivery network.

• VTOL Drones: IONA’s patented Vertical Take-Off and Landing aircrafts (pictured below) are more energy-efficient, optimized for rural parcel volumes, and capable of carrying heavier loads than existing drones.

• Technology: IONA integrates advanced fleet management technology helping logistics companies manage, track, and optimize their drone fleets.

• Rural Optimized: IONA is specifically designed to handle the unique challenges of rural areas, where traditional logistics infrastructure is insufficient.

The Basics

• Industry: Autonomous Logistics

• Headquarters: Bedford, UK

• Year Founded: 2021

• Employee Count: 9

• Investors: Techstars, Founders Capital, Nodes Syndicate, Material Ventures, SFC Capital, Ventures Together, BC Equity

• Amount Raised: £560k pre-seed

• Business Model: HaaS, B2B

• Early Traction: 100M+ LOIs from customers, $500k in revenue to date

IN PARTNERSHIP WITH

• Fidelity Private Shares cap table platform is the all-in-one tool that will help founders prepare for their next round of funding.

• This platform gives founders access to seed stage capital, equity scenario modeling, and premier support to generate, execute & store legal documents.

• As a valued member of the Bulletpitch community, we’d like to personally share a 20% discount for the product.

• Plus, if you’re coming from another platform, Fidelity has offered up its top-tier team to help transfer all docs for a seamless transition.

Due Diligence

WHAT WE LIKE

• Market Opportunity: IONA addresses the underserved rural last-mile delivery market, valued at $223B, with the potential for expansion into medical and industrial sectors.

• Environmental Impact: By using energy-efficient VTOL drones, Iona significantly reduces carbon emissions compared to traditional delivery vehicles, aligning with global efforts to cut logistics-related environmental footprints.

• Scalability: IONA’s hardware-as-a-service (HaaS) model allows logistics companies to scale their delivery capabilities without upfront capital investment in hardware, creating a low-barrier, and cost-effective solution for rural logistics.

POTENTIAL RISKS

• Regulations: Regulatory barriers could slow down broader market entry, especially for larger payload deliveries.

• Scalability: IONA’s ability to scale may face challenges due to the high costs of expanding its hardware operations, the complexities of managing patents, and the risks of relying on third-party suppliers.

• Weather: Despite successfully testing performance in wind speeds up to 22km/h, unpredictable weather conditions could affect delivery reliability and overall operational efficiency.

Founder Profile

• Etienne Louvet, CEO: Previously a strategy consultant for start-ups with expertise in Autonomous Systems and Deeptech, Ex-Verizon and Forbes 30U30 (Europe).

Comps

• Wingcopter: Backed by European Investment Bank, ITOCHU Corporation, Synerjets, and others.

• SwoopAero: Backed by United States Agency for International Development, Levitate Capital, Main Sequence Ventures, Right Click Capital, and others.

• Rigitech: Backed by Innovaud, MassChallenge, Venture Kick, and Foundation for Technological Innovation.

Cast Your Vote

Last Week Today

• The Results Are In: Blaze, a global payment app for users and businesses to instantly send and receive money to anyone at low-cost transactions, was slightly unfavored in last week’s poll.

• Subscriber Feedback: “My biggest fear is that Blaze won’t be able to function in a complex regulatory environment with no complex checks on the transfers.”