Today, we’re pleased to announce a $32 million investment from venture investors including Millennium Technology Value Partners, Third Point Ventures, Eastward Capital Partners, and others. We’ll use this financing to develop the next generation of PrecisionAnalytics, our A.I.-powered aerial data analytics platform. We’re also investing in our sales and servicing operations to address the growing demand for commercial drone services.
“This is an exciting time at PrecisionHawk and the commercial drone industry overall as adoption of drones continues to grow,” said Michael Chasen, CEO of PrecisionHawk. “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.”
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–work with us to strengthen their operations using drone technology. From managing asset inventory to measuring the health of telecommunications towers, electricity distribution lines or even crops, our drone-based solutions are helping visionary business leaders change the way work gets done.
Safe and Responsible Growth in the Drone Operations
The commercial drone industry is growing: the FAA forecasts that it could triple between now and 2023, with an estimated 823,000 drones flying by that time. We’re using our latest round of funding to support that growth. Our flight software and trainers can help drone operators achieve safe and consistent drone-based data collection missions within the United States’ existing national airspace system.
Since our founding in 2010, we’ve led policy and technology development efforts to foster global adoption of commercial drone technology. Michael Chasen was recently appointed by U.S. Secretary of Transportation Elaine Chao to serve as the Chairman for the Drone Advisory Committee (DAC), a group established by the FAA to advise on key challenges and opportunities for drones in United States airspace.
Investing in the Future
We’re grateful to our current investors for their continued support. “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,” said Sam Schwerin, co-founder and Managing Partner of Millennium Technology Value Partners. “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.”
“Investments such as this one underscore the tremendous potential of the UAS industry to deliver new applications and services across business sectors,” said Brian Wynne, President and CEO of the Association for Unmanned Vehicle Systems International (AUVSI). “The demand for UAS technology is remarkable and demonstrates the great confidence investors have in a solid and growing market for years to come.”
We’ll continue to lead the way, assisting regulators and encouraging industry participants to adopt innovative policies and technologies that can support not only today’s drone use cases, but those of tomorrow.