Propeller Raises $10 Million in Series A Funding to Fuel Expansion and Innovation
Propeller is changing the heavy civil and resource industries by helping teams measure and manage their sites themselves. Propeller's cloud-based analytics platform for visualizing drone survey data allows teams to track their worksites' progress and productivity, and make data-driven decisions that reduce costs, ensure quality, and use resources efficiently.
DENVER, June 12, 2018 (Newswire.com) - Propeller Aero, a cloud-based analytics company that visualizes drone survey data to help heavy civil construction and resources operations measure and manage their worksites themselves, announced today a new infusion of $10 million in Series A funding. The round was led by Blackbird Ventures with participation from all existing major investors, and Sequoia China who joined the round. The investment brings Propeller’s total funding to $14 million since launching in 2014. This recent round will be used to aggressively scale the team globally and expand within the market. Additionally, it will help broaden and accelerate product development as Propeller continues to innovate and deliver new technology.
“We’re delighted to be able to fuel the journey of Propeller in a more substantial way, right at the time drones are reshaping the way the industrial world conducts every aspect of their business,” said Niki Scevak, Partner at Blackbird Ventures. “Propeller is growing among the fastest of any company we have seen and we are so excited for the future.”
The Series A financing builds on an impressive 12 months for Propeller, which opened its North American headquarters (home to its sales and marketing divisions) in Denver in November 2017. Last year, Propeller saw huge market adoption of its solutions; an ever-expanding roster of global users; and key partner alignment with Trimble Inc., the global leader in positioning technology solutions.
“The construction and mining industries are starting to see how powerful drone-mapping and analytics tools really are — they’re quickly becoming the industry standard,” said Co-CEO and Co-Founder of Propeller Rory San Miguel. “Since Propeller’s launch in 2014, we’ve gained partnerships with top-tier industry players like Trimble and DJI. The new financial support will help us expand our team, move into new markets, and execute our vision faster and more broadly.”
Within Propeller’s core market segments — mining, quarries, and construction — steady adoption of drone-mapping and analytics solutions continues to power accelerated growth and market momentum. Propeller closes the information gap between industry managers and the worksites they oversee. Having reliable, readable, and shareable data about their site enables confident, data-driven decision making, which helps cut costs, streamline workflows, and improve safety.
“Surveying construction sites doesn’t often make headlines, but it’s where drones are making a difference in trillion-dollar global sectors,” said Propeller Co-CEO and Co-Founder Francis Vierboom. “We’ve seen cloud-based tools transform other industries, but before Propeller there were limited options for worksites. Propeller brought cloud-based tools to tablets on sites around the globe. They’re seeing fewer disputes, mistakes, and lower reporting overheads. It’s exciting to see drone technology empower our customers and produce better project outcomes.”
Propeller’s world-class drone analytics solutions help people measure and manage their sites themselves. Heavy civil construction and resources operations trust Propeller to track site changes safely and accurately, with 3D visual tools that everyone can use. Propeller gives teams the full picture, empowering people to go deeper, do more, and work together better.
For more information: www.propelleraero.com
About Blackbird Ventures
Blackbird is an Australian venture capital firm that exists to supercharge our most ambitious founders. Blackbird partners with founders at the very beginning and surrounds them with other founders who have built successful technology companies before. We earn a front row seat to the best business stories of our time and then invest at every stage of their life. The firm was founded in 2012 and currently manages just less than half a billion dollars.
For more information: www.blackbird.vc
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Source: Propeller Aero