Donald Trump Jr.-backed Unusual Machines and an unnamed US asset management company have invested US$10-million in Canadian drone services firm Draganfly, as defence sector investments gather pace amid persistent geopolitical tensions.
Draganfly said on Monday it would use the proceeds to accelerate the development of advanced strategic capabilities and to fund general working capital needs.
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Unusual Machines, which counts Trump Jr. as a member of its advisory board, is known for its drone motors and other control components.
The Trump family’s investments in several companies have drawn scrutiny amid concerns about potential conflicts of interest, particularly its stakes in defence firms that regularly compete for government contracts.
Saskatchewan-based Draganfly Inc., released a press release from Tampa, Florida, announcing that Unusual Machines Inc., along with an unnamed US investment fund, will each invest $5 million in Draganfly.
Related: Ottawa awards first drone contracts worth up to $50-million