US public safety technology company Axon has announced a $1.2 billion investment in drone manufacturer Skydio, deepening a partnership that the two companies considered turning into a full acquisition. The agreement values Skydio at $5.2 billion before the investment and will increase Axon’s fully diluted ownership by about 20%. Skydio will remain independent, with Axon taking a minority, non-voting stake. Under the expanded partnership, Axon will become Skydio’s exclusive distributor for public...