PrecisionHawk raises $32 million
USAA-backed PrecisionHawk , a provider of drone technology for the enterprise, has raised $32 million from Millennium Technology Value Partners, Third Point Ventures, Eastward Capital Partners, and others. The financing will fuel continued innovation in PrecisionHawk’s software tool, PrecisionAnalytics that uses artificial intelligence/machine learning, to help enterprises better utilize data collected by drones to solve business challenges.
Some of the “world’s largest organizations,” including five of the top 10 utility companies, the largest provider of communications infrastructure in the United States and the “Big Six” providers of seed and agricultural chemicals, rely on PrecisionHawk to help them apply innovative drone hardware, software and services to address critical business challenges. From managing asset inventory to measuring the health of telecommunications towers, electricity distribution lines or even crops, PrecisionHawk’s drone-based solution delivers a “flexible and cost-effective” path to inspect and manage valuable assets.
“This is an exciting time at PrecisionHawk and the commercial drone industry overall as adoption of drones continues to grow at exceptional rates. Our unique software and services deliver incredible value to our customers, equipping them with the highest level of aerial intelligence to meet their current and future asset management and operating needs. We are pleased with this latest round of funding which will help us better address this surging demand, particularly in the energy and agriculture markets, and lead us into sustained profitability and growth.” – Michael Chasen, CEO of PrecisionHawk.
“We are excited to continue our support of PrecisionHawk during this next phase of its growth. The feedback from customers has been very promising and we believe PrecisionHawk is well positioned to capitalize on the huge market opportunity ahead of it. PrecisionHawk’s powerful PrecisionAnalytics software applies the latest generation of artificial intelligence to aerial data unlocking the data’s potential to accelerate and optimize work for the enterprise.” – Sam Schwerin, co-founder and Managing Partner of Millennium Technology Value Partners.
“Investments such as this one underscore the tremendous potential of the UAS industry to deliver new applications and services across business sectors. The demand for UAS technology is remarkable and demonstrates the great confidence investors have in a solid and growing market for years to come.” – Brian Wynne, President and CEO of the Association for Unmanned Vehicle Systems International (AUVSI).