PrecisionHawk, an IU-funded venture that deploys unmanned aerial vehicles (UAVs) to collect and process data for various commercial users, today disclosed a second round of funding that totals nearly $10 million.
The Innovate Indiana Fund, which led the company’s Series A funding, participated in the Series B financing round as well. The round was led by New York City-based Millennium Technology Value Partners.
“Our fund is excited to see the progress PrecisionHawk has made since we led the Series A round, both in the sophistication of the product and service and in the market adoption of the platform,” Innovate Indiana Fund Managing Director Ken Green said.
“This new round of funding validates the vision we saw when we were first introduced to the company two years ago, and we are very happy to have a quality firm like Millennium Technology Value Partners as part of the team.”
PrecisionHawk serves more than 50 clients in such industries as agriculture, energy, forestry, government, and environmental science. Its chief operating officer, Pat Lohman, holds an M.S. from Indiana University in kinesiology and ergonomics.
The company, which recently won an Indiana Innovation Award, has offices in Noblesville, Ind.; Raleigh, N.C.; and Toronto, Canada. Some of the new proceeds will help PrecisionHawk double its workforce and open a third U.S. office in College Station, Texas.
The Innovate Indiana Fund is managed by the Indiana University Research and Technology Corp. It provides early-stage capital to companies with an IU connection and assists in such areas as technology assessment, market analysis, planning, product development, sales strategy and customer acquisition.