RALEIGH – PrecisionHawk is putting to use some of the $75 million in venture capital raised earlier this year by acquiring two firms with expertise in the energy sector.
The drone technology firm, which is based in Raleigh, said Wednesday it was acquiring Hazon, which also utilizes drones, and InspecTools, a provider of software and data analysis tools.
Hazon is based in Virginia; InspecTools in California.
The CEOs of both companies will become part of PrecisionHawk’s management team.
Financial details were not disclosed.
“We’re very pleased to bring together the established technology and multi-market reputation of Hazon and InspecTools with PrecisionHawk’s experience, team and expanded portfolio,” said Michael Chasen, CEO of PrecisionHawk, in announcing the deals. “By combining these offerings, our customers will have access to extensive and leading-edge energy products and services, regulatory expertise and a record of safe, secure and compliant operations.”
PrecisionHawk noted that the two firms’ technology “enable tighter integration between the collection and the analysis of drone data.”
Why energy?
That market is seen as a lucrative market worth nearly $10 billion for drone technology, according to PrecisionHawk.
“Thanks to advances in technology and regulations, the energy market has quickly moved from experimenting with pilot projects to large scale deployment of drone solutions. Across distribution lines, transmission lines, solar panels, wind turbines, oil and gas and utility infrastructure, and emergency response – energy presents a current global market opportunity of $9.7 billion,” the company explained.
Duke Energy has utilized Hazon, according to the Washington Business Journal.
InspecTools’ software has been used “both solar panel and wind turbine inspection is utilized by some of the largest equipment manufacturers and service providers in the world,” PrecisionHawk noted.
PrecisionHawk has emerged as a market leader in drones and related technology, working with the FAA to advance uses such as beyond visual range deployment.
The deals are expected to close later this month.
Chasen was named PrecisionHawk’s CEO in January of 2017.
