TORONTO, March 4, 2020 /PRNewswire/ - SkyX, an aerial data solutions provider, today announced the completion of a capital raise from DRONE FUND, an investment firm based in Tokyo that specializes in investing globally across the drone space, including aerial mobility, drone technologies and DaaS solutions. This marks SkyX's third capital raise since the company was founded in 2015.
Points of this Investment:
- SkyX is a Data-as-a-Service (DaaS) provider with a long-range aerial system that brilliantly complements DRONE FUND's existing portfolio
- Synergies with DRONE FUND portfolio members and partners will bolster SkyX's expansion into additional markets and verticals beyond the energy sector.
- Market traction, in pace and volume, exceeded expectations in 2019 and allowed the company to grow at an expedited rate.
ABOUT THIS INVESTMENT
SkyX provides asset operators in the energy sector with an end-to-end solution for capturing high-quality aerial data. Becoming a routine part of monitoring efforts, SkyX delivers the consistent data needed to develop a predictive analytics model that allows operators to effectively protect critical infrastructure. In the oil & gas pipeline sector alone, there is a market worth approximately $1.7 billion for the kinds of services SkyX offers, and it continues to grow (*1).
"SkyX and DRONE FUND share the same vision of a drone-enabled, future society," says DRONE FUND. "As a DaaS provider with impressive long-range aerial systems, SkyX is a welcome addition to our portfolio that allows us to further encompass all areas of this tech space. At DRONE FUND, we work very hard to enable our portfolio companies to work with one another to explore and pursue any and all collaborative opportunities. SkyX's cutting-edge technology, use cases, and applications provide them with numerous avenues to work with other members of our portfolio to take advantage of business in new markets and verticals."
"DRONE FUND has a firm grasp on the vast potential of drone technology for industries worldwide, their endorsement of SkyX's technology with this capital raise is yet another affirmation of the work we are doing. Demand from the market is exceeding even the lofty expectations that we set for ourselves, and this investment will support us through the growth phase we're undergoing to execute on these opportunities," said Didi Horn, SkyX Founder & CEO. "The investment community is seeing the long-term value in our offering and with this new investment from DRONE FUND, SkyX will achieve eight-figure revenue by the end of the year and expand its sales and marketing team into new markets in Asia, the Middle East and Africa."
The SkyX solution is ready for deployment beyond just the energy sector, with a Data-as-a-Service model that taps into the $15.4 trillion value of advanced data analytics (*3) across global industries and the $127.3 billion global market for drone-powered business solutions (*2). Working at the intersection of these two cutting-edge technologies, SkyX is in a position to capture $1.2 trillion of business.
ABOUT SKYX
SkyX is revolutionizing the way aerial data is accumulated, analyzed and actioned. By integrating Artificial Intelligence (AI) with purpose-built aerial systems, SkyX sources and delivers actionable data to commercial and government agencies in applications ranging from inspection of midstream oil and gas, power and rail assets to border patrol and emergency search and rescue. Equipped with this intelligence, organizations can make intelligent and informed decisions with regards to the health of their aging infrastructure, mitigate risks associated with having remote assets and reduce maintenance and insurance costs. For more information visit www.skyx.com.
DRONE FUND II'S PROFILE
DRONE FUND I was established by Kotaro Chiba and Soki Ohmae in June 2017 as a venture capital specializing in drone and air mobility-related startups. Today, Drone Fund I and II invests in more than 30 startups around the world to further realize a "Drone-based Society" and "Air Mobility Society" and will continue to invest globally.
*1 Markets and Markets, Pipeline Integrity Market by Service, Application, and Region: Global Forecast to 2024, 2019
*2 PricewaterhouseCoopers, Global market for commercial applications of drone technology valued at over $127 bn, 2016
*3 Mckinsey, Notes from the AI frontier: Applications and value of deep learning, 2018
SOURCE SkyX
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