PrecisionHawk Raises $10 Million in Series B Funding

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PrecisionHawk, an information delivery company that uses a small, lightweight UAV and cloud-based software to collect, process and analyze aerial data, today announced it has closed a Series B financing round of approximately $10 million led by New York City-based investor Millennium Technology Value Partners with Bob Young, co-founder of RedHat, and The Innovate Indiana Fund.

PrecisionHawk’s client base includes Fortune 500 companies that rely on technology for resource management across industries such as agriculture, insurance and energy, among others. Doing more with less used to be a catchphrase, but now it’s a requirement. There is immense pressure placed on development, food, health and infrastructure due to climate, increasing costs and overpopulation.

The product closes the gap between aerial data collected with a UAV and the intensive data/image analysis that provides actionable information to end users. This funding will allow PrecisionHawk to scale to meet a growing demand for a aerial information pipeline that goes far beyond a UAV with a camera.

Plans post-funding:

  1. Double employee base to keep up with product demand (fixed wing UAV platform and 15 sensor types).
  2. Open its fourth office in College Station, TX in public partnership with Texas A&M. Focus on insurance and emergency response applications.
  3. Launch cloud-based platform, DataMapper, for processing, management and analytics. We have been using this platform with key clients and are ready to roll it out commercially at the end of September.

Read the original article here.