Sydney-founded startup Propeller Aero has raised $10 million in a Series A round led by existing backer Blackbird Ventures, with participation from other existing investors and newcomer Sequoia China.
Founded in 2014, Propeller Aero provides drone data visualisation, mapping, and analysis software to customers across industries including construction, waste management, and mining. The startup reports there are 10,000 worksites across 120 countries using Propeller’s products.
Having raised $4 million in 2016, the fresh funding brings the total raised by the startup to date to $14 million and will be put towards expanding the company’s team globally, and furthering product development.
Rory San Miguel, cofounder and co-CEO of Propeller Aero, said the funding will help the company execute its vision “faster and more broadly” as industry comes to realise the potential of its solution.
“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,” San Miguel said.
Fellow cofounder and co-CEO Francis Vierboom added, “Surveying construction sites doesn’t often make headlines, but it’s where drones are making a difference in trillion-dollar global sectors.
“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.”
The funding follows Propeller Aero signing partnership deals with drone manufacturer DJI and Trimble, a company developing a range of positioning technology solutions, and its opening of an office in Denver late last year.
Niki Scevak, partner at Blackbird Ventures, said that with Propeller Aero growing “among the fastest of any company we have seen”, the firm is excited for the future.
“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,” he said.
Image: Propeller Aero’s Sydney team. Source: Supplied.