Drone delivery company Matternet to go public
The company, which is working with Dave’s Hot Chicken, will go public via reverse merger
May 28, 2026
Drone delivery company Matternet has begun the process of going public after raising $33 million in private funding and executing a reverse merger.
The Mountain View, California-based company merged with the publicly reporting Los Altos Venture Corp., a shell company created in 2025 for the purpose of taking a private company public. Los Altos will change its name to Matternet Inc.
The financing came from Ed Eisler of EE Holdings, Mark Tompkins of Montrose Capital Partners, and existing investors.
Matternet still has to some regulatory red tape to get through, but assuming the process is completed, it would be the first publicly traded drone delivery company. It has not said yet which exchange it will trade on, nor did it disclose the value of the reverse merger.
It plans to use the proceeds to launch a “next-generation drone delivery platform” and continue expanding its operations.
Founded in 2014, Matternet began using drones for humanitarian aid before expanding into healthcare, consumer goods and restaurants, including an upcoming pilot with Dave’s Hot Chicken.
It’s the first drone delivery company to achieve Type Certification from the FAA, meaning that its drones have met all of the agency’s qualifications for safety and airworthiness. It has completed 60,000 commercial flights in the U.S. and Europe.
The go-public plan comes amid growing interest in drone delivery. For restaurants, the technology could make delivery much faster and allow them to reach locations without a fixed address.
But the service has been limited by FAA rules that prevent drones from flying behind a pilot’s line of sight. That could change soon, though: The agency is considering looser guidelines that would make drone delivery more viable.
Matternet is far from the only company looking to grab share in this emerging market. Retail giants like Amazon and Walmart are investing in drone delivery, as are food delivery services DoorDash, Uber Eats and Grubhub, via partnerships with independent providers.
“As we enter the era of physical AI, we believe 2026 is the inflection point for drone delivery in the United States,” said Andreas Raptopoulos, founder and CEO of Matternet in a statement. “With this financing, we are accelerating the development and deployment of our next-generation drone delivery platform to power instant, autonomous delivery for restaurant, retail and healthcare leaders.”
About the Author
Joe Guszkowski
Senior editor, Restaurant Business
Joe Guszkowski is a senior editor with Restaurant Business covering technology and casual-dining chains.
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