Raleigh-based drone technology provider PrecisionHawk today announced a $32 million investment from a variety of investors, including Millennium Technology Value Partners, Third Point Ventures, Eastward Capital Partners, and others.
The company plans to use the financing to further market expansion and jumpstart sales initiatives. PrecisionHawk will also use the investment to continue its development of the company’s software tool, PrecisionAnalytics. The tool uses machine learning to help PrecisionHawk’s clients better utilize the data collected by drones to solve business challenges.
“Our goal at PrecisionHawk is to provide customers with the most comprehensive suite of innovative drone services and analytics solutions,” CEO Michael Chasen tells Hypepotamus. “This funding will allow us to build on PrecisionHawk’s comprehensive strategy to strengthen its ability to deliver into the energy and agriculture markets.”
PrecisionHawk helps companies use drone hardware, software and services to address critical business-related problems effectively. These drones can help inspect and manage valuable business assets that include everything from inventory to telecommunications towers, electricity distribution lines and even crops.
“By incorporating drones, sensors, data analysis, and reporting into an end-to-end solution, we use technology to deliver actionable insights to our customers,” says Chasen. “Ultimately, this funding provides the ability to continue the education, innovation and partnerships that are required to foster the adoption of commercial drones.”
He adds that, in addition to enabling AI and machine learning capabilities, the new funds will allow PrecisionHawk to heighten its focus on high-quality drone services and the development of PrecisionAnalytics, an AI-based aerial mapping platform.