FuVeX, the Navarre-based company specialized in long-range drones for power line inspection, has closed a €1.7 million Series A funding round in its first capital-raising phase. The operation is backed by the founders, family members, and key investors, including the public company Sodena, which depends on the Government of Navarre. Sodena has reaffirmed its commitment to FuVeX with this new €500,000 investment leading the round, in addition to €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 true funding round after more than a decade of development and production. We’ve signed the largest drone inspection contract for UFD-Naturgy’s power grid, surpassed 25,000 km inspected, and attracted strategic investor interest that has pleasantly surprised us. This is just the beginning: we are already scaling into gas pipelines, agriculture, and security/defense.”
For his part, Iñaki Larraya Garayalde, Managing Director of Sodena, highlighted: “Supporting FuVeX in its growth is a clear example of how Sodena accompanies companies at every stage, reaffirming its commitment to strengthening roots and generating value in Navarre through dual-use projects — civil and defense — that apply technology and innovation to the development of 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 geospatial data capture with 1,000x higher resolution than satellites is key — such as gas pipeline inspection, agriculture, and security/defense — and accelerate its international expansion, focusing on Europe and Latin America, leveraging existing contracts with major energy corporations.
FuVeX’s commitment to technological innovation has also received institutional backing. Mikel Irujo, Minister of Industry, Ecological and Digital Transition of the Government of Navarre, recently visited the company’s facilities together with Sodena, where he learned first-hand about advances in FuVeX’s long-range drone fleet and the impact of its activity on fire prevention, sustainability, and the modernization of critical infrastructure.
Since 2022, FuVeX has inspected more than 25,000 km of power lines, covering 95% of the national distribution network. Its goal is to reach 40,000 km annually by 2026 and achieve a 71% market share in Spain by 2028, while expanding operations into Portugal, France, Italy, and Latin America.
Currently, the company has a team of over 50 professionals and plans to add 15 to 25 more within the next 18 months, especially in R&D, engineering, and drone operations.
FuVeX’s vision is clear: to become the leading fully autonomous long-range drone company by 2030, contributing to critical infrastructure safety, sustainability, and wildfire prevention.
Founded in 2013 in Navarre, FuVeX develops long-range, zero-emission drones protected by seven patents, which replace costly and polluting manned helicopters. Its aircraft enable autonomous aerial inspections with higher data quality, greater safety, and up to 92% cost savings. The company already works with clients such as UFD-Naturgy and Endesa and has begun its international expansion.
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