Capping A Year Of Growth In Solar And Wind Energy, As Well As Welcoming New Executives In Renewables, Dronebase Closes $12.5 Million
Further expanding the ability of solar and wind energy asset owners to make better-informed, real-time decisions about their most critical assets, DroneBase, announced the close of its Series C round, further cementing its market leadership in the renewable energy sector. The aerial data analytics company announced the close of its $12.5 million round of investment led by Union Square Ventures, with strong support from Upfront Ventures, Hearst Ventures, and Valor Equity Partners, adding energy sector investor Energy Transition Ventures bringing the total funding to date to $37.5 million. The round caps eighteen months of expansion into renewables which saw the company add solar and wind capability and grow its renewables customer base to 37 GW in 10 countries.
“Aerial inspection is becoming table-stakes in the fast-growing renewables markets, and DroneBase is the only company able to serve both wind and solar globally with the largest drone and manned aircraft network in the world,” said Craig Lawrence, partner at Energy Transition Ventures, who formerly held solar executive roles at SunEdison and SolarBridge. “We are thrilled to be partnered with this team and join a great group of investors.”
DroneBase focuses on providing fast, affordable, and reliable data from the air for its growing list of Fortune 500 customers. The aerial data management platform leverages an extensive network of over 80,000 drone pilots in more than 70 countries to help customers manage their worksites, properties, and assets at scale. Enterprises across the renewable energy, insurance, construction, and real estate industries utilize DroneBase’s award-winning software platform to leverage remote data collection and analysis, enhance decision-making, and effectively manage its assets across their entire lifecycle. The company has grown a strong customer base with Tier 1 customers in the construction and real estate markets before entering renewables.
“Our expansion into renewables announced in 2020 has exceeded our expectations, even with a pandemic going on,” said Dan Burton, founder and CEO of DroneBase. “The industry is global, and customers expect a one-stop-shop that can operate on multiple continents. We’re growing Dronebase in renewables to further service our international customers, and we are grateful to Energy Transition Ventures and our other investors in their support of our vision.”
Prior to the funding round, Dronebase completed the acquisition of Precision XYZ, and welcomed founder Mark Culpepper, a former SunEdison executive, to head its solar division. The addition of PrecisionXYZ data services expands Dronebase’s operations through its highly specialized data analytics services by increasing the productivity and cost-effectiveness of solar power projects.
For more information on DroneBase’s current initiatives, please visit www.dronebase.com.
DroneBase is a leading aerial data analytics company, providing businesses with a platform to effectively manage the full lifecycle of their assets. Headquartered in Los Angeles, CA, the company is the trusted, go-to data management platform for worldwide enterprise clients spanning industries such as renewable energy, insurance, telecommunications, construction, real estate, and critical infrastructure. Leveraging the world’s largest UAV pilot network as well as manned aircraft, DroneBase has completed over 100,000 commercial missions flown in over 70 countries and all 50 states. The company was incubated by Y Combinator and has raised $37.5 million in funding from FLIR Systems, Union Square Ventures, Upfront Ventures, Hearst Ventures, Energy Transition Ventures, Pritzker Group, Valor Equity Partners, Razi Ventures, Accel Partners, SV Angel, and DJI.