Sky-Futures, an international provider of drone inspection services for the oil and gas industry, has raised 2.5 million British pounds ($3.88 million) from venture capital fund MMC Ventures.
According to Sky-Futures, this is Europe's largest-ever investment in drone technology. The Series A investment comes after a year of significant expansion for the business, having grown by 700% in fiscal 2014.
The investment will enable Sky-Futures to continue its rapid growth and continue building out its integrated technology inspection platform. The company operates drones to collect high-definition video, stills and thermal imagery data, which is analyzed in a proprietary data platform and delivered to the client as a technical report.
Founded in 2009, the company is headquartered in London and has offices in Houston; Kuala Lumpur, Malaysia; and Aberdeen, Scotland. Earlier this year, Sky-Futures received a Section 333 exemption to offer its drone services in the U.S. In January, the company was granted U.K. Civil Aviation Authority National Qualified Entity status.
This investment follows two significant seed rounds, which included angel investors Nick Robertson (CEO of ASOS) and Jon Kamaluddin (former international director of ASOS).
“Drone technology is an exciting area of innovation, but it’s only now that we are seeing leading commercial operators emerge,” says Simon Menashy, investment director at MMC Ventures. “Sky-Futures’ use of drone technology in the oil and gas market is world-leading and changes the game for platform operators in terms of cost, safety and depth of data analysis.’