Alpha Unmanned Systems raises €4 million to expand drone helicopter production in Madrid

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Alpha Unmanned Systems, a Spanish maker of tactical unmanned helicopters, has closed a €4 million financing round. The backers are not the usual venture names. Cesce, Spain's export credit agency, supports the deal, and Banco Santander, Bankinter and BBVA take part. The money goes to a new plant in Madrid, a larger team, and faster development of its unmanned systems and dual-use subsystems.

The company already sells in more than 14 countries. Customers include the US Department of Defense, the Greek Navy and Bulgaria's Border Police, and at home the Guardia Civil, the Military Emergencies Unit (UME) and the Spanish Navy. It now wants to grow in Europe, the United States, Latin America and Asia.

Chief executive Eric Freeman said the backing will let the company "grow much faster in a critical sector like drones". Each of the four financiers also supplied a supportive quote, which is a high turnout for a €4 million round.