Commercial Drone Company PrecisionHawk Secures $75M
PrecisionHawk, a provider of drone technology for enterprises, announced it has raised a $75 million Series D round led by Third Point Ventures . This investment brings PrecisionHawk’s total funding to date to $104 million since its inception in 2010.
Additional new investors include Comcast Ventures, Senator Investor Group, Constellation Technology Ventures and Syngenta Ventures, among others, with participation from existing investors Intel Capital, Millennium Technology Value Partners, DuPont, Verizon Ventures, a subsidiary of USAA, and Indiana University’s Innovate Indiana Fund.
With this investment, PrecisionHawk can build upon its lead in the commercial drone space and apply capital to expand its team, focus on product innovation and make strategic acquisitions. This is all part of a broader mission to foster the adoption of commercial drones and capture the global market opportunity. The company hired over 100 new employees in 2017 and expanded its ability to provide services around the world and across a variety of industries, adding product offerings in energy, insurance, government and construction. The broader focus is in addition to its long-standing work with agriculture’s leading enterprises.
“PrecisionHawk’s mission is to empower the enterprise pioneer, from pilot to deployment. To drive transformational change, we believe a business needs an integrated hardware-software platform and the technical support to connect to existing systems and workflows. Drones are not only replacing old information with more precise information. They are providing an entirely new layer that was previously unattainable or economically prohibitive to collect. With advanced sensors such as LiDAR (Light Detection and Ranging) and the analytics to interpret their outputs, organizations are gaining unprecedented visibility into their work. Ultimately, making make them more profitable and sustainable” – PrecisionHawk CEO Michael Chasen.