Unmanned aircraft company Institu has been purchased for $400 million (€256 million) by Boeing, nearly two-and-a-half years after attracting $48 million of investments from Battery Ventures, Second Avenue Partners and Pteranodon Ventures have been bought out by aircraft manufacturer The Boeing Company.
Battery led a $23 million Series C financing round, the first institutional round of financing, for Insitu in May 2006. The firm then led a $25 million Series D financing round in December 2007.
Wellesley, Massachusetts-based Battery is currently investing its eighth fund, closed last year on $750 million.
Battery contributed “a very significant portion” of the capital in both funding rounds, general partner Roger Lee told PEO.
Seattle-based investor Second Avenue and Las Vegas-based Pteranodon also participated in both financings. The four-person team at Second Avenue primarily targets early-stage emerging internet businesses in the high-tech field.
Lee declined to provide specifics regarding returns but said that “the return was very compelling; it worked out to be a great investment for us”.
Following the close of the transaction, anticipated in September, Institu will become a fully owned subsidiary of Boeing’s integrated defense systems’ military aircraft division.