Volansi
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Volansi (formerly Volans-i) was a San Francisco-based drone company founded in 2015 by Hannan Parvizian and Wesley Zheng. It built VTOL cargo drones - the VOLY line - for delivering time-critical parts and medical supplies to enterprise customers and the U.S. Department of Defense, later diversifying into UAVs with military applications and operating a production facility in Bend, Oregon.
02 / Volansi FAILURE REASONS
Failure reasons
Volansi raised about $75 million but could not secure follow-on financing: a promised $75 million in VC funding fell through, starving the company of cash. It laid off 40% of staff in late 2021, sold its Concord hangar to raise money, and stopped investing in core technology. In August 2022 it filed an assignment for the benefit of creditors - an alternative to bankruptcy - and was sold to Sierra Nevada Corporation the following month.
03 / EVENT HISTORY
Events in the structured record
- Founded
Volansi (then Volans-i) is founded in San Francisco by Hannan Parvizian and Wesley Zheng to build VTOL cargo drones.
- Series B
The company raises $50 million in Series B funding led by existing investors Lightspeed Venture Partners and Y Combinator, plus Harpoon Ventures and Merck Global Health Innovation Fund, and expands its Bend, Oregon production facility.
- Funding dries up
A promised $75 million in VC financing falls through; Volansi lays off 40% of employees and sells its Concord hangar to raise cash.
- Assignment for benefit of creditors
In August, Volansi files an assignment for the benefit of creditors, an alternative to bankruptcy.
- Acquired by Sierra Nevada
On September 30, Sierra Nevada Corporation buys Volansi's intellectual property, assets - including the VOLY-50 and VOLY-T drones - and the Bend facility in an all-cash deal of undisclosed value; about 30 key employees join SNC.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Volansi raised roughly $75 million in venture capital over its lifetime, including a $50 million Series B in 2020.
- 02
After losing promised follow-on financing, the company cut 40% of staff, sold real estate, and filed an assignment for the benefit of creditors in August 2022.
- 03
Sierra Nevada Corporation acquired the company's IP, drones and production facility on September 30, 2022 for an undisclosed cash sum described as 'significantly less' than recent peer deals, ending Volansi as an independent company.