PrecisionHawk provides drone hardware, software, and services to enterprise customers, with a core software product called PrecisionAnalytics that applies AI/ML to aerial data. PrecisionAnalytics helps enterprises turn drone-collected data into actionable insights for asset management and operational decision-making. The company serves Fortune 500 clients across agriculture, energy, and telecommunications, including five of the top 10 utility companies, the largest U.S. communications infrastructure provider, and the Big Six seed and agricultural chemical firms. Common use cases include asset inventory, inspecting telecommunications towers and electricity distribution lines, and measuring crop health. PrecisionHawk says it will use new financing to continue innovating its software, accelerate sales initiatives, and expand into additional markets, positioning the business for sustained profitability and growth. Founded in 2010 and headquartered in Raleigh, N.C., the company has been active in policy and technology development for commercial drone adoption, and CEO Michael Chasen serves as Chairman of the FAA's Drone Advisory Committee. To date PrecisionHawk has raised more than $130 million from venture and strategic investors. PrecisionHawk provides drone technology and software to help enterprises integrate drone data into their business insight capture processes. The company serves Fortune 500 companies and market leaders in 150 countries across industries including agriculture, energy, insurance, government and construction. Led by CEO Michael Chasen, PrecisionHawk was founded in 2010 and is headquartered in Raleigh, NC. The company has raised more than $100M in total funding to date. PrecisionHawk will use the new capital to expand its team, focus on product innovation and pursue strategic acquisitions. The article does not disclose revenue or user metrics. PrecisionHawk began as a maker of Lancaster fixed-wing drones for farmers and has shifted focus to a cloud platform for aerial data services. Its DataMapper service lets users upload, store, manage and analyze drone-gathered data; a freemium tier exists and a premium “platinum” account costs $95/month for up to 750 GB. The company is developing LATAS (Low Altitude Traffic and Airspace Safety) to help drone operators get clearance, track and verify flights and report paths to the FAA. PrecisionHawk is testing LATAS with partners including the U.S. FAA, NASA and private companies such as Verizon, DigitalGlobe and Harris. With a recent $18M Series C, the company plans to expand beyond agriculture into oil & gas, mining, insurance, search and rescue, forestry and telecommunications. CEO Bob Young says the fastest-growing part of the business is the aerial data services platform rather than selling aircraft. PrecisionHawk builds drones outfitted with sensors and cameras and provides analytics and reporting tools for land surveys. The company offers about a dozen sensor options that customers can select or add themselves, and it collects and stores survey data for subsequent analysis. Customers are notified when survey reports are ready, and PrecisionHawk plans to launch a DataMapper dashboard to let users work with, manipulate, share and run algorithms on their survey data. The company intends to use new funding to expand operations and double its team. PrecisionHawk is also working to expand into new use cases including oil and gas and emergency response.

Total raised

$135M

Funding rounds

4

Latest round

Equity

Latest activity

Dec 2019