RALEIGH – After raising a whopping $75 million round in January, PrecisionHawk added $193,503 in additional equity in June, according to a filing with the US Securities and Exchange Commission.
Founded in 2010, PrecisionHawk is riding a wave of interest in drone technology, which has predicted applications in industries ranging from mining to agriculture.
Goldman Sachs Research predicts that the sector’s fastest growth will come from businesses and civil governments, who are expected to spend $13 billion on drones through 2020,” the company pointed out in the January funding announcement.
Third Point Ventures led the large January raise. Other investors included Comcast Ventures, Senator Investor Group, Constellation Technology Ventures and Syngenta Ventures, among others, with participation from existing investors Intel Capital, Millennium Technology Value Partners, DuPont, Verizon Ventures, a subsidiary of USAA, and Indiana University’s Innovate Indiana Fund.
PrecisionHawk said the January raise made it the world’s most well-capitalized commercial drone company.
“PrecisionHawk’s mission is to empower the enterprise pioneer, from pilot to deployment. To drive transformational change, we believe a business needs an integrated hardware-software platform and the technical support to connect to existing systems and workflows,” said Michael Chasen, PrecisionHawk’s CEO in a statement in January.
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