PrecisionHawk, an unmanned aerial systems (UAV) and remote sensing company, has announced the addition of Intel Capital to its Series B funding round of $10 million.
The new investor announced its participation at this week’s Intel Capital Global Summit, which brings together more than 1,000 business executives and industry leaders from around the world. “Drones hold the promise of revolutionizing many industries, some new and some very old, like farming,” said Jerry Bautista, vice president and general manager of Intel’s New Business Initiatives.
PrecisionHawk CEO Christopher Dean says Intel Capital’s participation will enhance PrecisionHawk’s product development and engineering to meet the technology needs of a growing global clientele. “Intel Capital understands, as we do, that the UAV platform is not the product. Our product is information delivery,” said Christopher Dean, PrecisionHawk CEO.
PrecisionHawk is currently providing aerial data solutions to enterprise-level customers across a wide variety of industries, including agriculture, energy, and forestry. The company has launched a data management and analysis tool to automatically interpret data coming off the UAV and plans to release a new model of its fixed wing UAV, the Lancaster Mark IV, in the first quarter of 2015.