Energize Ventures, an investment vehicle backed by power producer Invenergy, co-led a $50m series E round for US-based drone data analytics platform DroneDeploy with venture capital firm AirTree Ventures yesterday.
AngelPad, Bessemer Venture Partners, Emergence Capital, Frontline Ventures, Scale Venture Partners and Uncork Capital filled out the round, which took the company’s overall funding to $142m since it was founded in 2013.
DroneDeploy has built a cloud software tool for on-site management, leveraging image data captured by unmanned aerial vehicles. Its client base includes companies from sectors such as agriculture, construction, inspection and mining.
The company will use the cash to develop products beyond drone-based aerial imaging, move into the European market and identify strategic acquisition opportunities.
Energize Ventures, AirTree Ventures, Emergence Capital, Scale Venture Partners and Uncork Capital had all participated in a $35m series D round for DroneDeploy in late 2019 led by Bessemer Venture Partners that took its total funding at the time to $90m.
DroneDeploy had closed a $25m series C round the year before led by Energize Ventures predecessor Invenergy Future Fund, which invested alongside AngelPad, AirTree Ventures, Emergence Capital, Scale Venture Partners and Uncork Capital.
Scale Venture Partners had joined High Alpha to provide $20m in series B funding in a 2016 round. It followed a $9m series A round the year before that was led by Emergence Capital and backed by AngelPad, Uncork Capital (then called SoftTech) and Data Collective.
John Tough, managing partner for Energize Ventures, said: “Energize is thrilled to continue to invest in DroneDeploy, the only company with a platform that captures and analyses every dimension of job sites – interior and exterior, from any height and angle – and that has demonstrated the scale to meet the needs of fast-growing markets like energy and renewables.”
