PrecisionHawk announced it has raised $32 million in its latest funding round, which it plans to use for several efforts, including the continued innovation of its software tool, PrecisionAnalytics, which uses artificial intelligence and machine learning to help enterprises better use data collected by UAS to solve business challenges.

The financing will also be used to accelerate sales initiatives and further market expansion.

“This is an exciting time at PrecisionHawk and the commercial drone industry overall as adoption of drones continues to grow,” says Michael Chasen, CEO of PrecisionHawk.

“Our unique software and services deliver incredible value to our customers, equipping them with the highest level of aerial intelligence to meet their current and future asset management and operating needs. We are pleased with this latest round of funding which will help us better address this surging demand, particularly in the energy and agriculture markets, and lead us into sustained profitability and growth.”

Since being founded in 2010, PrecisionHawk has managed to secure more than $100 million in funding. For Chasen, this speaks volumes to the company’s various technologies, and the confidence that investors and members of the drone community have in the company as a whole.

“From its inception, PrecisionHawk has been dedicated to discovering and building unique technologies that further the advancement of the commercial drone industry,” Chasen tells AUVSI.

“Pairing our commitment to continual technical advancement with strong roots in regulatory work with the FAA, PrecisionHawk has earned the confidence of both its investors and the commercial drone community, further confirming the company’s staying power in the industry.”

A variety of organizations across the world rely on PrecisionHawk to help them improve their operations and address critical business challenges using UAS technology. These entities include five of the top 10 utility companies, the largest provider of communications infrastructure in the United States, and the “Big Six” providers of seed and agricultural chemicals.

According to Chasen, the company started cultivating these relationships before people even realized the immense benefits that UAS technology could provide for when performing their varied operations.

“Even just a few years ago, data collection and analysis by drone was new to almost everyone. It was in those formative years that we started working with some of the world's leading organizations in Agriculture and Energy, helping them conduct pilot projects, evaluate hardware and software solutions, and measure the technology's impact across their whole data value chain,” Chasen explains.

“Today, we're still helping new customers in the same way. Others are coming to us with more specific plans for their commercial drone operation, after they heard from their colleagues about all they've accomplished by working with PrecisionHawk, and we're happy to support them, too.”

As PrecisionHawk continues to showcase the benefits drone technology can offer when conducting different tasks, Chasen is optimistic about the role PrecisionHawk will play in continuing to help an industry grow that has already experienced unprecedented growth in recent years.

“As the commercial drone industry thrives, PrecisionHawk will continue to provide software and solutions designed specifically to help enterprises better utilize data collected by drones to solve their business challenges,” Chasen says.

“PrecisionHawk has recognized the importance of regulatory advancements and policy decisions that marry the standardization of the United States national airspace with the fast-paced drone industry. From our involvement in the FAA’s Pathfinder Program to my appointment as the Chair of the FAA’s Drone Advisory Committee (DAC), PrecisionHawk will continue to support the partnership of the commercial drone industry and the national airspace.”