PRENAV announced that it has raised $6.5 million in seed financing from lead investor Crosslink Capital, along with Haystack, Liquid 2 Ventures, and WI Harper Group. These organizations join existing investors Pejman Mar Ventures, Toivo Annus, and others.
The commercial drone company is developing automated drones that are guided by computer vision. PRENAV drones are able to safely fly in complicated or GPS-denied environments with a high degree of precision and repeatability. The initial application of the technology is the inspection of infrastructure, such as wind turbines, buildings, and other infrastructure.
“PRENAV is solving a fundamental gap in the drone ecosystem around automated flight up close to structures,” said Nathan Schuett, Founder and CEO of PRENAV. “By unlocking this capability, we make drone technology accessible and affordable for many industries that are underserved by today’s off-the-shelf drones. We’re thrilled to have such prestigious investors joining us in our mission.”
PRENAV will use the funding to accelerate product development, marketing, and sales of its commercial drone system, which is expected to be released in 2017.
“With the FAA’s new Part 107 drone regulations taking effect at the end of August, we expect tens of thousands of workers from industry to become certified as drone operators. By automating pilot skill out of the equation, PRENAV is well positioned to become the technology that enables these new operators to perform their jobs safely and reliably,” said Eric Chin, Partner, Crosslink Capital.
Joe Montana, Managing Partner of Liquid 2 Ventures added: “Start-ups that are focused on developing intelligent machines represent one of the next big waves of opportunity for investors. We are excited to bring our expertise, network and enthusiasm to bear on behalf of PRENAV.”
PRENAV’s precision flying capabilities are demonstrated in its award-winning video, entitled Hello World. Hello World was an official selection at the New York City Drone Film Festival, and won awards at the New Media Film Festival, the 2016 Bay Area Drone Film Festival, and the Flying Robot International Film Festival.
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