Linebird is looking to raise millions of dollars in 2023 to scale and sell to large enterprise customers.
The Richmond company has developed a product that combines drone technology and utility equipment, allowing efficient testing of high-voltage power lines. Linebird is seeking to raise “in the low seven figures,” founder Michael Beiro said. He foresees an interest from large venture capital firms because the company has demonstrated it has solved a real need within a large industry.
“We are trying to transition from a mostly bootstrapped operation,” Beiro said. “We want to build something that has the capacity and resources to fully execute for the enterprise customer. We need to scale to meet the momentum we have created.”
The company closed $350,000 in convertible debt financing earlier this year. It’s raised a total of $475,000 since its founding in 2018, according to Crunchbase.
He noted the funding environment has gotten more challenging in recent months, but said…
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