DroneBase closes $12m Series B to help expand its operations

Drone operator DroneBase has closed a $12m Series B funding round to help it expand its operations.

Union Square Ventures and Upfront Ventures co-led the round, and participation also came from DJI, Hearst Ventures and Pritzker Group.

DroneBase’s platform, which can be integrated with enterprise solutions, provides access to aerial images and data. The pilot network, which can be joined by general consumers, are works by members reviewing available missions and then being paid to use their drones to carry out the task.

Los Angeles-based DroneBased is used by companies across the insurance, real estate, media, and telecommunication industries. Insurance providers can use the drones to get easy access to make roof inspections to improve claims and underwriting processes.

Capital from the round will be used to expand its offerings to launch AirCraft Pro, which is an augmented reality-powered solution for the drones. This solution will help companies in insurance, construction and real estate companies to use AR technology.

DJI head of enterprise partnerships Jan Gasparic said, ?DroneBase has addressed two key challenges in the industry by providing reliable, affordable and scalable drone services for enterprises across industries, while offering opportunities for pilots of all skill sets with purposeful reasons to fly their drones.p>

This investment brings the company total funding efforts to $17m. In 2016, a US SEC filing stated the company was in the process of raising a $7m funding round, and had received 12 contributions.

The company recently launched its Pilot app which enables more drone drivers to be involved and track their flights, and the amount they have earned.

This is Union Square Ventures fourth investment in the FinTech space to close this week. The firm has led the $37.5m Series D in Stash, and made contributions to the investment rounds of Algorand and Dwolla.

Last year, Synechron launched an InsurTech accelerator programme to support startups acrossthe sector. One of the areas of focus is the IoT technology use and drones being used to help insurers make real-time damage assessments.

Copyright ? 2018 FinTech Global

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