This weeks, PrecisionHawk, closed a Series B financing round of approximately $10 million led by New York City-based investor Millennium Technology Value Partners. Existing investors, Bob Young, founder of RedHat, and the Innovate Indiana Fund, an Indiana University affiliated venture company, also participated in the round.
Millennium analyzed more than two dozen companies to find the one they believed will be highly successful as the UAV ecosystem matures.
“PrecisionHawk envisions a world, as we do, where businesses across a wide variety of industries can access aerial information and gain actionable insights in an affordable manner,” said Samuel Schwerin, Founder & Managing Partner, Millennium Technology Value Partners.
Next PrecisionHawk will be doubling their employee base. This aggressive hiring plan will allow them to increase hardware production on their UAV platform and integrated plug and play sensor suite, which includes over 15 data collecting sensors.
They also will open a new office in College Station, TX. In partnership with Texas A&M University, this office will focus on the needs of the insurance industry as well as emergency response applications.
Strategic partnerships have been key to our success. This is a philosophy they will continue to expand upon moving forward. The PrecisionHawk team would like to say thank you to their investors and are excited about the amazing potential in the UAV and aerial data industry.