Drone ecosystem funding: leading Digital Twin platform vHive Raises $25 million in Series B Led by PSG
Israeli-based vHive offers a software solution for Digital Twins and other critical insights. The platform enables commercial, off-the-shelf (COTS) drones to fly autonomously around assets, resulting in a precise and repeatable data set.
The company has a strong customer base in telecom and other large multi-national industries: with this new infusion of $25 million in Series B funding, vHive will work to both expand their solution offering for their customers and expand into new markets.
“We’re going to continue to invest in expanding our offerings for our existing customer base, as well as scale our operations to increase our market reach,” says Yariv Geller, CEO and Co-Founder of vHive.
The funding round is led by PSG, a leading growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth. Previous investors Octopus Ventures and Telekom Innovation Pool (TIP), Deutsche Telekom’s strategic investment fund advised by DTCP, also participated in the round. Ronen Nir, Managing Director at PSG, has joined vHive’s board of directors.
“vHive’s software platform is built with its customers’ journey in mind, providing end-to-end solutions that enable organizations to autonomously capture data using drones to create Digital Twins of their assets, such as cell towers, cranes, and structures,” says the company press release. “Its AI and computer vision algorithms were built on comprehensive data and hands-on field experience with global top-tier customers to deliver performance and capabilities that vHive believes are hard for others to replicate. The company believes its ability to connect the physical and the digital world provides enterprises with a new way to digitally transform their field assets, visually access information, and rapidly reach actionable business insights.”
“We believe vHive has built one of the industry’s most advanced and comprehensive digitization solutions, and we are excited to seek to replicate our success in the telecom and crane markets in new market verticals,” said Geller. “We are thrilled to partner with seasoned investors who share a common vision to advance the company’s mission, extend its reach, and scale its customer base.”
“vHive’s solutions for capturing and digitizing physical assets have enabled the company to build a reputation as a strong partner of choice for top-tier enterprises going through digital transformation – a global trend that is sweeping through multiple industries. Its customers can experience measurable success using vHive’s solution, impacting their operations and workflows,” said Nir. “We have been impressed with the company’s rapid growth and are excited to propel it to the next level.”
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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.
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