Once again, the Innovate Indiana Fund has put its faith in the efforts of PrecisionHawk Inc. — a maker of unmanned aerial vehicles and the tools they use to collect data — by taking part in an $18 million funding round for the rapidly growing company.
The Series C capitalization has more than a half-dozen participants, including new investors Verizon Ventures, NTT Docomo Ventures, Yamaha Motor and an unnamed subsidiary of insurer USAA. Along with the Innovate Indiana Fund — which led PrecisionHawk’s $1 million Series A financing and took part in $10 million of Series B funding in 2014 — prior investors Intel Capital and Millennium Technology Value Partners also took part in this latest round.
Proceeds from the latest round will allow PrecisionHawk to expand its DataMapper analysis platform to add data from satellites and manned aviation platforms to its analysis capabilities — and continue the development of its Low Altitude Tracking and Airspace Safety (LATAS) system.
PrecisionHawk currently has more than 100 employees, with at least 10 based in Terre Haute, spokesman Lia Reich said. Many of the latter are graduates of Indiana University, as well as Indiana University-Purdue University Indianapolis, Indiana State University and Purdue University.
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