Menlo Ventures' Siegel Discusses Future of Drone Investment and Technology on Bloomberg

Menlo Ventures managing director Mark Siegel discussed the future of drone technology on Bloomberg's "Bloomberg Markets" this afternoon.
By Giovanni Bruno ,

NEW YORK (TheStreet) --Menlo Ventures' Mark Siegel joined Bloomberg's "Bloomberg Markets" to discuss the future of investing in drone technology this afternoon, as drone usage is becoming more commercialized.

"Companies are doing interesting things for surveillance and photography, as well as collision avoidance. Interestingly enough we've invested in a company that is doing delivery. This can be for food, pharmaceuticals, or emergency supplies. That company is called Flirtey," Siegel said when speaking about the technology.

Moreover, he relayed that there's also a market for the other side of drone technology centered around surveillance and safety. "We're investing in a company called DeDrone, which is anti-drone technology. Criminals are getting very creative, using drones to get onto Wi-Fi networks, or interfere with airplanes," Siegel explained. DeDrone is able to detect trajectories and pinpoint from where the device originated.

In terms of the regulations placed on this technology, "what we hope and what we are planning on is that there will be autonomous flights once there's a safety record established of the individual piloting the drone. It's going to be a process but the FAA has indicated that they will be willing to work with these companies, and be forward thinking about this," Siegel said. Investors recognize the inevitability of regulations but hope they won't impede on business nor hinder the development of further technology, he noted. 

Currently the FAA mandates drones be flown within the line of sight of the person piloting it.

However, what most excites Siegel are the potential services drones will be able to provide. "Whenever you have a situation where you have a human being who has to climb to an unsafe location or go somewhere remote, utility pipeline inspections, cell towers, bridges, even commercial roof inspections, these are all going to be great applications for these."

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