HERZLIYA, Israel, Sept. 11, 2019 /PRNewswire/ -- vHive, the only software solution that enables enterprises to digitize their field assets and operations using autonomous drone hives, announced today a $5.5 million investment led by Octopus Ventures, with participation from existing investors StageOne Ventures and private investors. This funding will support vHive's mission to expand its customer base and accelerate growth as well as to further develop its technology leadership. Zoe Chambers, of Octopus Ventures has joined the Company's board of directors.
Founded in 2016 by Yariv Geller and Tomer Daniel, vHive's mission is to be a trusted partner that enables enterprises to digitally transform by capturing data from the field and applying analytics to generate better actionable business insights. Using autonomous drone hives, enterprises drive their operational efficiencies and generate new revenue opportunities.
Since its seed investment, vHive has attracted Fortune 500 companies who use its software platform across a variety of industries and geographies. vHive has enabled its customers to conduct thousands of drone surveys in industries such as cell towers, construction, insurance and rail.
Yariv Geller, co-founder and CEO of vHive said: "Enterprises are using vHive's software to enable non-expert field employees to deploy autonomous off-the-shelf drones to digitize their field assets and operations. vHive's solution handles missions of any scale or shape, bringing innovation to a variety of industries." Geller added that, "We are excited to work with Octopus Ventures as our global partner to growth. This investment accelerates vHive's customer base expansion in our current sectors of activity. We also plan to further grow our technology leadership, providing the most scalable, yet easy to use solution in the industry."
Zoe Chambers, Deeptech lead of Octopus Ventures added: "We are really excited to partner with the vHive team. As the telco and construction industries drive towards digital transformation, we agree with some of the world's largest enterprises, that the future lies in a software solution which allows vast amounts of data to be efficiently acquired at scale. The vHive platform orchestrates multiple autonomous drones using off-the-shelf hardware to deliver a rich and accurate overview of field assets. Uniquely, it does this without requiring expert pilots and in a workflow which can be used across the enterprise. We believe that their cutting-edge technology will allow vHive to maintain its leadership in this domain and further capitalize on opportunities with some of the world's largest enterprises."
"When we first assessed vHive, we were very impressed that the founders had already demonstrated, before the seed investment, an innovative software solution that enabled enterprises to digitize their large and complex field assets and operations by using multiple autonomous drones." Said Yoav Samet, Partner and Managing Director of StageOne Ventures. "Since our seed investment, vHive has proved its unique value to multiple industries and distinguished enterprises and is continuing to develop cutting-edge technologies that create value for its customers. This funding round will enable the company to deepen its AI capabilities and expand into new industries."
vHive is the global software provider to enterprises, accelerating their continuous digital transformation, enabling them to make better decisions based on accurate field data and analytics. vHive is the only software solution that enables enterprises to deploy autonomous drone hives to digitize their field assets and operations. vHive is making an impact in a variety of industries including communication towers, construction, insurance and rail by dramatically cutting operational costs, generating new revenue opportunities and boosting employee safety.
About Octopus Ventures
Octopus Ventures, part of Octopus Group, is a leading European venture capital firm that helps pioneering entrepreneurs change the world by taking ideas from inception to international scale-up. Where there is change there is huge entrepreneurial opportunity, particularly in three key areas; industry, money and health. We've refined our focus towards these specialisms to discover the next generation of innovators. Octopus Ventures is headquartered in London and New York, with Venture Partners in San Francisco, Shanghai and Singapore who offer exclusive insight and advice to our portfolio companies looking to expand into new markets. Octopus Ventures has supported over 100 outstanding entrepreneurs that are leading the way in disrupting their industries. Companies backed in recent years include allplants, Elvie, Depop, Big Health, graze.com, Eve, Magic Pony, Secret Escapes, Sofar Sounds, Swiftkey, Swoon Editions, tails.com and Zoopla Property Group.
About StageOne Ventures
StageOne is an early stage (seed) venture capital fund managing $225 million. StageOne invests in early-stage, deep tech B2B startups, backing Israeli entrepreneurs with ideas that can have transformative effects on the enterprise technology ecosystem, and on the greater economy as a whole. Past and current seed investments include Guardium (sold to IBM), Traffix (Sold to F5), SafeDk (Sold to AppLovin), Otonomo and Avanan. The fund's managing partners Yuval Cohen, Yoav Samet, Tal Slobodkin are based in Israel and Silicon Valley.