PRENAV Raises $6.5 Million in Funding from Crosslink Capital, Haystack, Liquid 2 Ventures, and WI Harper Group
Commercial Drone Startup Targets Initial Market of Infrastructure Inspections with Precision Navigation
SAN CARLOS, Calif., August 24, 2016-- PRENAV today announced that it has raised $6.5 million in seed financing from lead investor Crosslink Capital, along with Haystack, Liquid 2 Ventures, and WI Harper Group. These organizations join existing investors Pejman Mar Ventures, Toivo Annus, and a number of other investors.
PRENAV is developing automated commercial drones that are guided by computer vision. PRENAV drones are able to safely fly in complicated or GPS-denied environments with a high degree of precision and repeatability. The initial application of the technology is the inspection of infrastructure like cell phone towers, wind turbines, buildings and rooftops, flare stacks and oil tankers.
PRENAV will use the funding to accelerate product development, marketing, and sales of its commercial drone system, which is expected to be released in 2017.
“PRENAV is solving a fundamental gap in the drone ecosystem around automated flight up close to structures,” said Nathan Schuett, Founder and CEO of PRENAV. “By unlocking this capability, we make drone technology accessible and affordable for many industries that are underserved by today’s off-the-shelf drones. We’re thrilled to have such prestigious investors joining us in our mission."
— Nathan Schuett, Founder and CEO, PRENAV
“With the FAA’s new Part 107 drone regulations taking effect at the end of August, we expect tens of thousands of workers from industry to become certified as drone operators. By automating pilot skill out of the equation, PRENAV is well positioned to become the technology that enables these new operators to perform their jobs safely and reliably."
— Eric Chin, Partner, Crosslink Capital
"PRENAV is developing unique IP across many domains that our fund is interested in: computer vision, robotics, industrial automation, and reality capture. We’re pleased to continue to invest in PRENAV as they expand."
— Mar Hershenson, Managing Partner, Pejman Mar Ventures
"Startups that are focused on developing intelligent machines represent one of the next big waves of opportunity for investors. We are excited to bring our expertise, network and enthusiasm to bear on behalf of PRENAV."
— Joe Montana, Managing Partner, Liquid 2 Ventures
PRENAV's precision flying capabilities are demonstrated in its award-winning video entitled Hello World. Hello World was an official selection at the New York City Drone Film Festival, and won awards at the New Media Film Festival, the 2016 Bay Area Drone Film Festival, and the Flying Robot International Film Festival.
PRENAV is developing an automated system to capture data about the world’s infrastructure using small aerial robots. PRENAV’s drones take photographs from precise locations in close proximity to structures to build accurate 3D reconstructions of industrial assets. The system consists of a commercial drone, a guidance robot on the ground, and software to plan the mission and analyze the data. The company is based in San Carlos, CA in the heart of Silicon Valley. For more information, please visit http://www.prenav.com, or follow the company @PreNavInc
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Tim Smith, 415-350-3019
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