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10.3.2014

Raleigh drone developer PrecisionHawk nabs $10M to double workforce

Drone development firm PrecisionHawk has closed on $10 million from the likes of Red Hat (NYSE: RHT) co-founder Bob Young, and is doubling its work force.

The firm develops small unmanned aerial vehicles equipped with cloud-based software to collect, process and analyze aerial data. The company moved its headquarters to Raleigh from Canada earlier this year. The company has 10 employees in Raleigh, 45 overall.

The $10 million Series B round was led by New York City-based investor Millenium Technology Value Partners, Young and the Innovate Indiana Fund. The cash will go toward doubling the employee base, as well as opening a fourth office in College Station, Texas, through a partnership with Texas A&M. Additionally, the company plans to launch a cloud-based platform, DataMapper, to process and manage analytics. The program, already in use by “key clients,” rolls out commercially at the end of the month.

PrecisionHawk is one of the companies testing the technology through the NextGen Air Transportation program, based at N.C. State University. Its client base ranges from agricultural companies to energy firms.

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