PrecisionHawk secures USD 32m for next phase of growth in commercial drones

PrecisionHawk, Inc. has announced a USD 32 million investment from venture investors including Millennium Technology Value Partners, Third Point Ventures and Eastward Capital Partners, the company said.

The financing will fuel continued innovation in PrecisionHawk´s software tool, PrecisionAnalytics that uses artificial intelligence/machine learning, to help enterprises better utilize data collected by drones to solve business challenges. The financing will also accelerate sales initiatives and further market expansion.

Some of the world´s largest organizations, including five of the top 10 utility companies, the largest provider of communications infrastructure in the United States and the “Big Six” providers of seed and agricultural chemicals, rely on PrecisionHawk to help them apply innovative drone hardware, software and services to address critical business challenges. From managing asset inventory to measuring the health of telecommunications towers, electricity distribution lines or even crops, PrecisionHawk´s drone-based solution delivers a flexible and cost-effective path to inspect and manage valuable assets.

With this new funding, PrecisionHawk is well positioned to support the next phase of unmanned aerial vehicle (UAV) deployments, driven by the need for improved technology that can ensure quality and consistent data collection, maintain safe operations within the United States´ existing national airspace system, and organize and process drone data to make it consumable, valuable and actionable.

PrecisionHawk will continue to assist regulators and encourage industry participants to adopt innovative policies and technologies that can support not only today´s drone use cases, but those of tomorrow.