US UAV startup PrecisionHawk secures $ 75m in new capital
PrecisionHawk has secured $ 75 million in new capital from a group of venture and strategic investors.
To date, PrecisionHawk has raised over $ 100 million from venture capital firms including Comcast Ventures and Syngenta Ventures with participation from existing investors such as Intel Capital, DuPont and Verizon Ventures. The investment round was led by Third Point Ventures.
PrecisionHawk’s UAV’s are used by companies in 150 countries within industries including agriculture, energy, insurance, government and construction. Photo: Peter Roek
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.”
Focusing on product innovation
With the investment, the company wants to foster global adoption of commercial UAV technology, apply capital to expand its team, focus on product innovation and make strategic acquisitions. This is all part of a broader mission to foster the adoption of commercial UAV’s and capture the global market opportunity.
Founded in 2010, it is privately held and headquartered in Raleigh, North Carolina (US). The startup sells UAV hardware, sensors and analytics packages to customers. Its customers include Monsanto, Exxon Mobil, the USAA and many others. The company has grown rapidly in a short period of time and hired over 100 new employees in 2017. It has expanded its ability to provide services around the world and across a variety of industries, adding product offerings in energy, insurance, government and construction. The broader focus is in addition to its long-standing work with agriculture’s leading enterprises.
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