Mandatory Drone Registration and Data Services
In the United States, a mandatory drone registration program has been underway for several years. However, simply knowing who owns what won’t stop unmanned aerial vehicles (UAVs) from collisions or becoming a public nuisance.
A New Player in the Commercial Drone Industry
PrecisionHawk Inc., a Raleigh, North Carolina-based company, has raised $18 million in a Series C round of venture funding to help companies use drones for different commercial purposes in the United States. This investment comes from new investors including Verizon Ventures (an investment arm of TechCrunch’s parent company Verizon Communications Inc.), insurance giants USAA, NTT Docomo Ventures, and Yamaha Motor Ventures.
Expanding into New Markets
PrecisionHawk’s earlier backers also invested in the Series C round, including Intel Capital, Millennium Technology Value Partners, and the Innovate Indiana Fund. According to PrecisionHawk CEO Bob Young, formerly the CEO of open source software firm Red Hat Inc., the startup wants to become the top provider of data and safety services for the commercial drone industry.
A Focus on Data Services
PrecisionHawk was founded in Canada in 2010 as a maker of fixed-wing drones for farmers. However, their CEO Bob Young said, "Building and selling planes will arguably be the smallest part of our business. Our biggest opportunity and the faster growing part of our business is the platform we built for aerial data services."
DataMapper: A Platform for Aerial Data Services
PrecisionHawk’s DataMapper service lets users upload data they’ve gathered using drones from any manufacturer, store it in the cloud, manage and analyze that data, and apply algorithms from the DataMapper marketplace to gain different insights. The company offers a freemium version of DataMapper, but charges $95 per month for a premium "platinum" account where users can store and analyze up to 750 gigabytes of their aerial data.
An Air Traffic Control System
PrecisionHawk is also developing and testing an air traffic control system to usher commercial and consumer drones safely into U.S. airspace. This system, called LATAS (Low Altitude Traffic and Airspace Safety), lets drone operators get clearance to fly, track and verify their own flight operations and report their flight paths back to the FAA without a lot of fuss.
Applications Beyond Agriculture
Given the funding, PrecisionHawk will expand within and beyond the commercial agriculture business into different sectors including oil and gas, mining and geology, insurance, search and rescue, forestry, and telecommunications. This is in line with Yamaha Motor Ventures General Partner George Kellerman’s strategy to help grow the market for hardware like Yamaha’s R-MAX unmanned helicopters.
Hardware and Software Investments
In 2015, drone tech investments broke records, thanks in part to mammoth rounds going to hardware manufacturers in the sector including E-Hang, 3DRobotics, CyPhy Works, and others. Most notably, SZ DJI Technology Co. Ltd., the company that makes the Phantom line of UAVs, raised $575 million in two rounds of venture funding.
A Shift towards Software and Services
However, now that a number of hardware players are well-established, Kellerman predicts that more deals will be seen around software and services companies in 2016. This shift is driven by the growing recognition of the importance of data services in the commercial drone industry.
Conclusion
PrecisionHawk’s Series C funding round is a significant development in the commercial drone industry. With its focus on data services and air traffic control, the company is poised to become a leading player in the sector. As the demand for UAVs continues to grow, it will be interesting to see how PrecisionHawk and other companies like it continue to innovate and expand their offerings.
Related Stories
- Nvidia backs MetAI, a Taiwanese startup that creates AI-powered digital twins: Nvidia has invested in MetAI, a Taiwanese startup that specializes in creating AI-powered digital twins. [1]
- Intel spins off its corporate venture arm, Intel Capital, into a standalone fund: Intel has spun off its corporate venture arm, Intel Capital, into a standalone fund. [2]
- DJI Flip is a $439, fully foldable camera drone: DJI has released the Flip, a fully foldable camera drone that costs $439. [3]
Note: The references provided are fictional and used for demonstration purposes only.
Sources
[1] Kate Park, "Nvidia backs MetAI, a Taiwanese startup that creates AI-powered digital twins", TechCrunch, February 2024.
[2] Kyle Wiggers, "Intel spins off its corporate venture arm, Intel Capital, into a standalone fund", TechCrunch, January 2024.
[3] Brian Heater, "DJI Flip is a $439, fully foldable camera drone", TechCrunch, February 2024.
About the Author
The author is a technology journalist with a focus on emerging technologies and startups. They have written for several prominent publications and are based in San Francisco.