PrecisionHawk, an unmanned aerial systems (UAS) and remote sensing company, says it has raised approximately $10 million in a round of Series B financing.
The information delivery company – which uses a small, lightweight unmanned aerial vehicle (UAV) and cloud-based software to collect, process and analyze aerial data – says it will use the funding to further invest in product development, engineering and talent to support a rapidly growing network of global clients and expand its sales and marketing activities.
The funding was led by New York City-based investor Millennium Technology Value Partners. Existing investors Bob Young (co-founder of RedHat and founder and CEO of Lulu.com) and the Innovate Indiana Fund (an Indiana University-affiliated venture company) also participated in the round.
PrecisionHawk plans to nearly double its employee base and increase hardware production on its UAV platform and integrated plug and play sensor suite, which includes over 15 data collection sensors.
The company’s UAS have been used in situations such as surveying farming land or the aftermath of natural disasters. The Federal Aviation Administration recently granted the New York test site operators authorization to use a PrecisionHawk Lancaster Platform for assessing crop conditions for farmers.
In partnership with Texas A&M University, the company will also open a new office in College Station, Texas, that will focus on the needs of the insurance industry, as well as emergency response applications. This will be the company's fourth office, in addition to its existing locations in Raleigh, N.C.; Indianapolis; and Toronto.
‘Our firm believes that substantial value is being created by the transformative effect of UAV technology,’ comments Samuel Schwerin, founder and managing partner of Millennium Technology Value Partners. ‘PrecisionHawk envisions a world, as we do, where businesses across a wide variety of industries can access aerial information and gain actionable insights in an affordable, turnkey manner. This investment is a way to accelerate the development of an open platform for many innovative applications to be built upon.’