PrecisionHawk was once a promising drone company. Now it’s shutting down with $17 million in debt and $3.8 million in assets.
PrecisionHawk, which provides drone and data services to the energy and other industries, has received two patents for UTM, or a unified traffic management system for aircraft and drones.
Drone services are becoming increasingly important to the oil and gas and utilities industries, says PrecisionHawk, which has seen inspections grow as a share of its business.
PrecisionHawk, a North Carolina-based drones-as-a-service company, closed a $32 million Series E round. PrecisionHawk has raised more than $136 million to date. It will use the funding to continue developing its hardware and software offerings. PrecisionHawk has customers in a variety of industries, including agriculture, energy, and telecommunications. Some of its applications for agriculture include…