PrecisionHawk, Inc. has announced that it has raised a $75 million round of funding, bringing its total funding to more than $100 million since it was founded in 2010.

​With this investment, PrecisionHawk says that it can “build upon its lead in the commercial drone space,” apply capital to expand its team, focus on product innovation, and make strategic acquisitions.

The company says that this is “all part of a broader mission to foster the adoption of commercial drones and capture the global market opportunity.”

“Drones are not only replacing old information with more precise information. They are providing an entirely new layer that was previously unattainable or economically prohibitive to collect,” says Michael Chasen, PrecisionHawk CEO.

“With advanced sensors such as LiDAR (Light Detection and Ranging) and the analytics to interpret their outputs, organizations are gaining unprecedented visibility into their work. Ultimately, making make them more profitable and sustainable.”

Led by Third Point Ventures, this funding round included new investors such as Comcast Ventures, Senator Investor Group, and Syngenta Ventures, as well as existing investors such as Intel Capital, Millennium Technology Value Partners, and DuPont, to name a few.

“We see the potential for PrecisionHawk to enable enterprises around the world with new tools for 21st century opportunities,” says Robert Schwartz, Managing Partner of Third Point Ventures.

“We believe the business insight that can be achieved with PrecisionHawk technology will be a catalyst for profound transformation, and this investment gives us an opportunity to support their growth and continued industry leadership.”

Katrin Burt, Managing Director of Syngenta’s venture capital group, comments, “Syngenta has been a PrecisionHawk customer since 2015 and has experienced first-hand the impact of the technology platform; both augmenting and replacing a variety of manual processes for more efficient and scalable operations.

“This investment reflects our commitment to advancing technologies that could have a real impact within agriculture and our excitement about the potential for PrecisionHawk to lead the commercial drone space across multiple industries.”

​In a short amount of time, PrecisionHawk has grown at a rapid pace to keep up with increasing demand. Last year alone, the company hired more than 100 new employees.

PrecisionHawk has also it expanded its ability to provide services worldwide and across various industries, as it added product offerings in energy, insurance, government and construction, to go along with its long-standing work with agriculture’s leading enterprises.