US-based drone services provider Measure received $15m on Tuesday in a series B round led by IT services supplier Cognizant through its Cognizant Ventures subsidiary.
Cognizant Ventures invested alongside alternative investment manager Hudson Bay Capital and an undisclosed sovereign wealth fund, according to TechCrunch. LionTree Advisors was financial advisor for the round.
Measure supplies services to businesses that involve gathering and processing data by flying unmanned aerial vehicles. The areas in which they operate include construction, agriculture, disaster response and live media.
Sean Middleton, president of Cognizant Accelerator, which oversees Cognizant Ventures, said: “Drone services is one of the fastest growing technology segments with the potential to provide extraordinary value to industries such as insurance, manufacturing, logistics, oil and gas, retail, government, and media and communications.
“Cognizant is excited to deepen our relationship with Measure through this investment and bring our world-class digital capabilities, such as advanced data analytics and software development, to enterprise customers looking to create value from data collected via drones.”
Measure was spun out by advisory firm 32 Advisors in September 2015 with an undisclosed amount from Hudson Bay Capital and the sovereign wealth fund.