PrecisionHawk, a US-based drone technology provider that counts a range of corporate investors among its backers, secured $32m in funding yesterday.
Third Point Ventures, the venture capital arm of investment adviser Third Point, took part in the round along with growth equity firm Millennium Technology Value Partners, venture debt provider Eastward Capital Partners and undisclosed other investors.
Founded in 2010 as WineHawk, PrecisionHawk has created a software platform called PrecisionAnalytics which utilises artificial intelligence and machine learning technology to better analyse data sourced through unmanned aerial vehicles.
The company also produces its own drones and drone sensors, and offers training, flight servicing and consultation. It will channel the funding into further development of PrecisionAnalytics, upgrading the company’s sales capabilities and general market expansion.
The round brought the company’s total funding to $137m, including $10m in series B funding from Intel Capital, semiconductor and data company Intel’s VC unit, in addition to Millennium Technology Value Partners, Innovate Indiana Fund and Bob Young in 2014.
Intel Capital, motorised vehicle manufacturer Yamaha Motor, Verizon Ventures and NTT Docomo Ventures – subsidiaries of telecommunications companies Verizon and NTT Docomo – all contributed to PrecisionHawk’s $18m series C round in 2016 along with financial services firm USAA, Innovate Indiana Fund and Millennium Technology Value Partners.
PrecisionHawk added $75m in a January 2018 round led by Third Point Ventures that included Comcast Ventures, Constellation Technology Ventures, Syngenta Ventures and DuPont Ventures, vehicles for mass media group Comcast, energy producer Exelon, agribusiness Syngenta and chemicals manufacturer DuPont respectively.
The 2018 round also featured Intel Capital, Verizon Ventures, NTT Docomo Ventures, Yamaha Motor, USAA, Millennium Technology Value Partners, Innovate Indiana Fund and Senator Ventures.
