Kespry, a drone intelligence solution provider based in Menlo Park, Calif., has raised $33 million in its Series C round of funding, led by G2VP, with Shell Technology Ventures, Cisco Investments and ABB Ventures joining as new investors in the company.
According to Kespry, each investor has a significant track record in supporting the growth of organizations focused on transforming the future of industrial work.
“With the exponential growth of the Kespry aerial intelligence platform, we’re participating in a generational shift of how industrial work gets done,” comments George Mathew, CEO and chairman of Kespry. “We’re incredibly pleased to have leading industrial tech investors recognize Kespry’s contributions to the future of work. The digital transformation in insurance, mining, construction and many other industries represents a massive market opportunity. This funding round enables us to fuel even more innovation through investment in R&D, sales and marketing to address these and future industrial needs.”
David Mount, a partner at G2VP, will join the Kespry board of directors. Kespry says Mount has spent his career advancing the “Industrial Awakening” by supporting companies at the intersection of connectivity, advanced processing and traditional industry. He has invested in companies such as OSIsoft, Opower, ServiceMax and SilverSpring Networks as a partner with Kleiner Perkins’ Green Growth Fund.
“Kespry is unique in providing a fully integrated solution and is leading the use of a drone platform to deliver previously unavailable benefits to industrial organizations,” says Mount. “As evidenced by the enthusiasm of its customers, Kespry is helping define the shift to industrial digitization, and we are excited to be a part of that movement.”
Proceeds from the new round of funding will be used to extend Kespry’s end-to-end aerial intelligence platform to meet a growing range of customer applications. The proceeds will also fund expansion into new vertical industrial markets, such as the energy utility sector, and further develop Kespry’s international business.
Kespry has now raised a total of $61 million in venture funding. The company closed a $12.3 million Series A round in October 2014 and a $16 million Series B round in June 2016.