Drone Tech Leader PrecisionHawk Raises $32M to Fund Next Phase of Growth
Summary
Raleigh, North Carolina-based PrecisionHawk, a leading provider of drone technology to the world’s top enterprises, announced it has raised $32 million in growth capital through a round backed by a range of venture investors including Millennium Technology Value Partners, Third Point Ventures, and Eastward Capital Partners, among others. Additionally, PrecisionHawk CEO Michael Chasen told WRAL TechWire that the company has reported 100 percent growth for two consecutive years, and its has grown to a team of 140, with a network numbering in the thousands. Although once held at arm’s distance by agricultural growers, the ongoing maturation of the category, advancements to analytic technologies, and the reduction in costs for hardware have resulted in drones gaining traction both in terms of adoption and investment dollars. “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. Using this capital, the startup will be able to advance the development of its AI and machine learning-driven software, to expand its market, and to strengthen its sales efforts.