US, September 23, 2014: PrecisionHawk, imagery and data service providing company that uses a small, lightweight UAV and cloud-based software to collect, process and analyze aerial data, has closed a Series B financing round of approximately $10 million led by New York City-based investor Millennium Technology Value Partners.
The funding will enable PrecisionHawk to further invest in product development, engineering and talent to support a rapidly growing network of global clients and expand its sales and marketing activities.
Samuel Schwerin, founder and Managing Partner of Millennium Technology Value Partners said, “This investment is a way to accelerate the development of an open platform for many innovative applications to be built upon.”
PrecisionHawk also announced its plan to nearly double its employee base and increase hardware production on its UAV platform and integrated plug and play sensor suite, which includes over 15 data collection sensors. In partnership with Texas A &M University, the company will also open a new office in College Station, Texas that will focus on the needs of the insurance industry as well as emergency response applications.