PrecisionHawk raises $75m in funding from tech, ag players

Drone tech company has raised more than $100 million total.

PrecisionHawk, a global leader in developing and integrating commercial drone technology, recently announced the closure of a $75 million round of funding from a group of venture and strategic investors. Since the company’s founding in 2010, it has raised more than $100 million.

The latest round was led by Third Point Ventures. Additional new investors include Comcast Ventures, Senator Investment Group, Constellation Technology Ventures and Syngenta Ventures, among others, with participation from existing investors Intel Capital, Millennium Technology Value Partners, DuPont, Verizon Ventures, a subsidiary of USAA and Indiana University’s Innovate Indiana Fund.

“We see the potential for PrecisionHawk to enable enterprises around the world with new tools for 21st-century opportunities,” said Robert Schwartz, managing partner of Third Point Ventures. “We believe the business insight that can be achieved with PrecisionHawk technology will be a catalyst for profound transformation, and this investment gives us an opportunity to support their growth and continued industry leadership.”

The company said in 2018 and beyond, it will expand its support for business, research and government leaders who are deploying aerial intelligence. This includes growing teams, innovating products and making strategic acquisitions. It’s all part of a broader mission to foster the adoption of commercial drones — ultimately making the world more prosperous and sustainable, the company said.

“Syngenta has been a PrecisionHawk customer since 2015 and has experienced first-hand the impact of the technology platform, both augmenting and replacing a variety of manual processes for more efficient and scalable operations,” said Katrin Burt, managing director of Syngenta’s venture capital group. “This investment reflects our commitment to advancing technologies that could have a real impact within agriculture and our excitement about the potential for PrecisionHawk to lead the commercial drone space across multiple industries.”

PrecisionHawk noted that there are many drone services providers in the market and said, “Like them, we’re excited about the industry’s potential. That’s why we’re partnering with leading enterprises to define new practices in aerial intelligence.”

As a result, the company said previously unattainable levels of precision and efficiency are being realized.

“PrecisionHawk’s mission is to empower the enterprise pioneer, from pilot to deployment. To drive transformational change, we believe a business needs an integrated hardware/software platform and the technical support to connect to existing systems and workflows,” PrecisionHawk chief executive Michael Chasen said. “Drones are not only replacing old information with more precise information; they are providing an entirely new layer that was previously unattainable or economically prohibitive to collect. With advanced sensors such as LiDAR (light detection and ranging) and the analytics to interpret their outputs, organizations are gaining unprecedented visibility into their work, ultimately making them more profitable and sustainable.”

The company noted that demand has grown at an accelerating pace, resulting in the company’s growth as well.

“Last year, we hired more than 100 people. Our growing team has enabled us to expand our services around the world and across a variety of industries, such as energy, insurance, government and construction,” PrecisionHawk said. “True to our roots, we’ve deepened our commitment to enabling agriculture’s leading enterprises.”

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