PrecisionHawk, a company that uses a small, lightweight unmanned aerial vehicle (UAV) and cloud-based software to collect, process and analyze aerial data, says Intel Capital has joined its previously announced Series B funding round of $10 million.
The funding was originally announced in September with New York City-based investor Millennium Technology Value Partners; Bob Young, co-founder of RedHat and founder and CEO of Lulu.com; and the Innovate Indiana Fund, an Indiana University-affiliated venture company.
According to PrecisionHawk, Intel Capital’s participation provides an extensive wealth of technological resources that will enhance product development and engineering to meet the technology needs of a growing global clientele.
The new investor, which is Intel’s global investment organization, announced its participation at the Intel Capital Global Summit, which brings together more than 1,000 founders and CEOs from Intel Capital’s portfolio, Fortune 1000 business executives, and industry leaders.
“Drones hold the promise of revolutionizing many industries, some new and some very old, like farming,” says Jerry Bautista, vice president and general manager of Intel’s New Business Initiatives. “We are pleased to be working with PrecisionHawk, whose unique approach of combining versatile remote-sensing devices with powerful data analytics fits well with Intel’s strengths in hardware and software for the Internet of Things.”
Tammi Smorynski led the investment round for Intel Capital and will serve as an advisor to the PrecisionHawk board. “Intel Capital understands, as we do, that the UAV platform is not the product. Our product is information delivery,” says Christopher Dean, PrecisionHawk CEO.
In the time since the funding was announced, the company has launched its data management and analysis tool, Data Mapper, to automatically interpret data coming off the UAV. It plans to release a new model of its fixed-wing UAV, the Lancaster Mark IV, in the first quarter of next year.