FuVeX, the Navarre-based company specialized in long-range drones for power grid inspection, has closed a €1.7 million Series A funding round in its first capital-raising phase. The operation was supported by the founders, family members, and leading investment entities such as Sodena—the public company dependent on the Government of Navarre—which reaffirmed its commitment to Fuvex by leading the current round with a €500,000 investment, as well as €1.5 million in public R&D project grants.
According to Carlos Matilla Codesal, CEO and co-founder of Fuvex: “This has been our first real funding round after more than a decade of development and production. We’ve signed the largest drone inspection contract for UFD-Naturgy’s electrical grid, surpassed 25,000 km of inspected lines, and attracted strong interest from strategic investors, which has been a very positive surprise. This is just the beginning—we are already scaling into gas pipeline, agriculture, and security/defense sectors.”
Iñaki Larraya Garayalde, Managing Director of Sodena, emphasized: “Supporting Fuvex in its growth is a clear example of how Sodena accompanies companies through all stages, reaffirming its commitment to Navarre’s development and value creation through dual-use (civil and defense) projects that apply technology and innovation to deliver high value-added solutions.”
The funds raised will enable Fuvex to reduce operating costs by 33% this year and up to 70% by 2027, expand into new verticals where high-resolution geospatial data—1,000 times more precise than satellite data—is key (such as gas pipeline inspection, agriculture, and security/defense), and boost its international expansion across Europe and Latin America, leveraging its existing contracts with major energy corporations.
Institutional support in Navarre
Fuvex’s commitment to technological innovation has also received institutional backing. The Regional Minister of Industry, Ecological and Digital Transition of the Government of Navarre, Mikel Irujo, recently visited the company’s facilities together with Sodena, where he learned firsthand about the advances in its long-range drone fleet and the impact of its activity on fire prevention, sustainability, and the modernization of critical infrastructure.
Goal: 40,000 km inspected annually by 2026
Since 2022, Fuvex has inspected more than 25,000 km of power lines, covering 95% of Spain’s national distribution network. Its goal is to reach 40,000 km annually by 2026 and achieve a 71% share of inspections in Spain by 2028, while beginning operations in Portugal, France, Italy, and Latin America.
The company currently has a team of more than 50 professionals and expects to hire an additional 15–25 employees over the next 18 months, especially in R&D, engineering, and drone operations.
Fuvex’s vision is clear: to become the leading company in fully autonomous long-range drones by 2030, contributing to the safety of critical infrastructure, sustainability, and fire prevention.