DroneBase Investment Continues: $20 Million Raise for Renewable Energy
DroneBase Investment: Company Raises $20 Million for Renewable Energy and Global Growth
by DRONELIFE Staff Writer Ian M. Crosby
DroneBase, the leader in Intelligent Aerial Imaging, has raised a further $20 million in just under five months after bringing in $12.5M in its Series C round, with the new round led by Euclidean Capital. The funding will enable the company’s continued rapid global expansion in the renewable energy industry and other industries with high-value infrastructure.
Previous investors such as Union Square Ventures, Upfront Ventures, Energy Transition Ventures, Hearst Ventures, Pritzker Group Venture Capital, and Valor Equity Partners also made contributions to the raise.
“We’ve seen a significant shift in the intelligent imaging industry in the last six months; the industry has consolidated with several companies unable to compete globally or unable to find the right combination of software and deep vertical expertise,” said Ashvin Chhabra, Euclidean Capital’s President & Chief Investment Officer. “We chose to invest in DroneBase because the company has a unique operational and software approach that creates value for companies with high-value assets in multiple industries, such as renewable energy, insurance, commercial real estate, and construction.”
With a global shift towards a more sustainable high-value infrastructure, including assets like solar and wind energy systems and better buildings to support 21st-century commerce and supply chains, DroneBase intelligent aerial imaging and analysis enables companies to manage risk and safeguard those properties in an efficient and cost-effective manner.
“This year, we’ve added top talent to our team and expanded into Europe,” said DroneBase CEO Dan Burton. “While we have done over 37GW of renewable energy inspections to date, this growth funding enables us to dramatically increase those numbers, scaling to meet the needs of the renewables industry. Bottom line is we intend to meet our global clients’ needs in one comprehensive solution that spans data analysis and capture.”
DroneBase Investment Partners, New and Old
Burton continued, “We’re pleased to be working with new investment partner Euclidean Capital and to have continued investment in this round from our previous partners – who recognize the opportunities ahead for global intelligent imaging.”
“The solar market is on a fast track to rapid growth, driven by the demands of net-zero commitments,” said Craig Lawrence, partner at Energy Transition Ventures and former executive at SunEdison and SolarBridge. “The industry absolutely requires advanced data capture and analytics to continue to scale. Intelligent software and services provided by Dronebase will help improve system generation and enable renewable energy market leaders to continue to grow rapidly. We are thrilled to continue our partnership with DroneBase and to join Euclidean Capital for this raise.”
Previously in June, DroneBase announced it had raised $12.5 million in its Series C and had over 37 GW of aerial and data analytics in renewables globally. The company’s clients include some of the world’s largest owners and operators of both wind and solar energy and high-value infrastructure assets.
Ian attended Dominican University of California, where he received a BA in English in 2019. With a lifelong passion for writing and storytelling and a keen interest in technology, he is now contributing to DroneLife as a staff writer.
Miriam McNabb is the Editor-in-Chief of DRONELIFE and CEO of JobForDrones, a professional drone services marketplace, and a fascinated observer of the emerging drone industry and the regulatory environment for drones. Miriam has penned over 3,000 articles focused on the commercial drone space and is an international speaker and recognized figure in the industry. Miriam has a degree from the University of Chicago and over 20 years of experience in high tech sales and marketing for new technologies.
For drone industry consulting or writing, Email Miriam.
Subscribe to DroneLife here.