renewable energy

DroneBase raises $20m for renewable energy

DroneBase is a reliable aerial imaging company located in the United States. Recently, they have hit another milestone. They have invested $20 million on renewable energy efforts. In the second funding round of 2021, this company has made this investment possible. This comes around five months after the $12.5 million investment in the Series C round. However, there are many talking points behind this investment. We will look into each one of them individually.

Investment on Renewable Energy Efforts

This investment of $20 million is largely associated with Euclidean Capital, but has also drawn back in some of the DroneBase’s investors, such as Union Square Ventures and Upfront Ventures. As a result, the total investment done on renewable energy efforts by DroneBase company is close to $60 million. DroneBase claims that it will utilize the funding done to conduct further expansion on solar and wind energy verticals.

“The raise will fund the company’s continued rapid global expansion in the renewable energy industry and other industries with high-value infrastructure,” statement from DroneBase

Even though DroneBase’s initiation was as a drone pilot directory (which has lead to the growth of 80,000 drone pilots in 70 different countries), the company has turned its attention to the renewable sector. Most importantly, its focus is on the renewables. Even though a lot of investment is done on real estate photography, it seems like the prime focus is the energy sector.

“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. 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.” statement from the  President & Chief Investment Officer at Euclidean Capital

Conclusion

It has been a breakthrough year for DroneBase regarding renewable energy efforts, which has gained spotlight in Europe in 2021. Recently, it launched a product called DroneBase Insights for Wind and Solar. We saw an increase of 123% in the global energy flights. Moreover, there was an increase of 86% in the users department from 2016 to 2018.

 

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