Drone Industry Investment: DroneBase Scores Additional $7.5 Million
Drone industry investment hasn’t dried up in the current crisis. CA-based aerial data analytics company DroneBase has announced another $7.5 million round – after months of record-setting revenue.
Last year, before the coronavirus threw all assumptions and expectations into question, leading drone market analysts DRONEII posited that the drone hype cycle was over – but that drone companies with good fundamentals were still of prime interest to investors. That’s one prediction that has proved correct: 2019 was a record-breaking year for drone investments. 2020 may still be just as fruitful.
The current crisis has hit some aspects of the drone industry hard – and it’s been great for others. DroneBase, focused on industrial inspections, has seen record growth. “Despite the global pandemic, DroneBase has continued to increase sales and set new revenue records in March, April, and May,” says a company press release. “With flight operations supported by a Pilot Network in all 50 states and over 70 countries, DroneBase can fly contactless missions to ensure safety of pilots and customers during this time.”
Now, the company “has expanded its services to the renewable energy market with its new platform DroneBase Insights for Wind and Solar, and has founded DroneBase Europe in Germany,” says the release.
“DroneBase’s expansion into renewable energy reflects our belief in the growth potential of the wind and solar energy industries,” said Dan Burton, CEO and Founder of DroneBase. “Since many energy companies have both wind and solar assets, we are well positioned to leverage our DroneBase Insights platform to grow our global market share in renewable energy.”
Real revenue, real clients, and a well trained core of pilots: DroneBase has both the experience and the value proposition appealing to investors in these uncertain times.
“DroneBase has been instrumental in helping us scale solar asset inspection and analysis across North America,” said Jamie Mordarski, Director of Operations and Maintenance, Americas at SMA. “Their ability to provide 100 percent aerial coverage by using drones and manned aircraft gives them a tremendous competitive advantage. We look forward to growing our partnership with DroneBase as our portfolio grows.”
“DroneBase has established themselves as the drone leader in the commercial market, and its new work in renewables will have a lasting impact on the future of energy by keeping infrastructure operational for generations,” says Sam Teller, Partner at Valor Equity Partners. “We believe DroneBase will continue to be a valuable partner in drone operations and data analysis across a multitude of industries globally.”
New investors Valor Equity Partners and Razi Ventures join Union Square Ventures (USV), Upfront Ventures, Hearst Ventures, Pritzker Group Venture Capital, and DJI in the current Series C round, bringing the total funding to $32 million.