PrecisionHawk bags $32m in latest funding round


Commercial drones solutions company PrecisionHawk announced its latest round of funding today after raising $32m (£24.3m).

This brings PrecisionHawk’s total funding to date to more than $135m (£102.5m).

Investors include Millennium Technology Value Partners, Third Point Ventures and Eastward Capital Partners.

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The financing will accelerate sales initiatives and further market expansion, as well as continued innovation in PrecisionHawk’s software tool, PrecisionAnalytics.

The software uses artificial intelligence learning to help enterprises better utilise data collected by drones to solve business challenges

Giving exclusive comment to Commercial Drone Professional, PrecisionHawk CEO Michael Chasen, recently appointed to serve as the FAA’s Drone Advisory Committee (DAC) chairman, said: “Our goal at PrecisionHawk is to provide customers with the most comprehensive suite of innovative drone services and analytics solutions.

“This funding will allow us to build on PrecisionHawk’s comprehensive strategy to strengthen its ability to deliver into the energy and agriculture markets.

“This includes a heighted focus on high-quality drone services, the development of PrecisionAnalytics and enabling capabilities related to artificial intelligence and machine learning.

“Ultimately this funding provides the ability to continue the education, innovation and partnerships that are required to foster the adoption of commercial drones.”

PrecisionHawk’s customers include PG&E, Florida Power & Light, Syngenta, Duke Energy and Booz Allen.

Read CDP‘s exclusive interview with PrecisionHawk CEO Michael Chasen here:

Tags : Drone Advisory CommitteeFAAFundingInterviewInvestorsMichael ChasenPrecisionHawksoftware
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