Kespry has just received a significant infusion of cash which should position to battle on in the crowded drone data analytics space. The firm has received $33 million in its Series C round of funding, led by G2VP with Shell Technology Ventures, Cisco Investments, and ABB Ventures joining as new investors in the company. Each investor has a history or supporting companies engaged in the future of industrial work.
Existing investors also participating in this round include Lightspeed Venture Partners, DCM Ventures, Spectrum 28, and H. Barton Asset Management.
“With the exponential growth of the Kespry aerial intelligence platform, we’re participating in a generational shift of how industrial work gets done,” said George Mathew, CEO and chairman of Kespry. “We’re incredibly pleased to have leading industrial tech investors recognize Kespry’s contributions to the future of work. The digital transformation in insurance, mining, construction, and many other industries represents a massive market opportunity. This funding round enables us to fuel even more innovation through investment in R&D, sales and marketing to address these and future industrial needs.”
Mr. Mathew joined Kespry in January of this year and this is a nice way to celebrate his upcoming anniversary. Kespry has established a strong foothold in the construction and aggregates industry with customers that include Lehigh Hanson and Sully-Miller Contracting.
“Kespry is unique in providing a fully-integrated solution and is leading the use of a drone platform to deliver previously-unavailable benefits to industrial organizations,” said David Mount, a partner at G2VP. “As evidenced by the enthusiasm of its customers, Kespry is helping define the shift to industrial digitization and we are excited to be a part of that movement.”
Mount will join the Kespry board of directors. He’s spent his career advancing the ‘Industrial Awakening’ by supporting companies at the intersection of connectivity, advanced processing and traditional industry, and invested in companies such as OSIsoft, Opower, ServiceMax, and SilverSpring Networks as a Partner with Kleiner Perkins’ Green Growth Fund.
“We’ve identified and applied cutting-edge digital technologies in the energy sector for decades, and our investment in Kespry epitomizes that focus,” said Daniel Jeavons, General Manager, Advanced Analytics at Shell. “Industrial drones combined with AI and Machine Learning will make industrial work more efficient and safer. For instance, Kespry drones can help us optimize how we load cargo on to vessels or run inventory analysis in our lay down yards. These technologies give my colleagues powerful new digital tools and important, future-focused skills.”
The Kespry platform for drone data capture and analytics uses AI and Machine Learning to deliver new insights and accelerate operations in industries such as aggregates, mining, construction, and insurance. Each of these industries is experiencing a step change in the adoption of drone data capture and analytics. For example, the use of Kespry’s roof inspection solution in the aftermath of hurricanes Harvey and Irma to inspect roof damage in Texas and Florida enabled claims adjusters to inspect houses an order of magnitude faster and safer than before they used drones.
“Drones are emerging as a new category of sensor networks. Cisco’s industrial customers are increasingly adopting aerial intelligence for efficiency, cost reduction and safety initiatives in their field operations,” said Rob Salvagno, Head of Cisco Investments and Corporate Development. “Kespry’s strong focus on the industrial market aligns well with Cisco’s deep commitment to IoT and digital transformation of businesses.”
The company plans to use the proceeds from the new round to extend the company’s end-to-end aerial intelligence platform to meet a growing range of customer applications across industries. The proceeds will also fund expansion into new vertical industrial markets, such as the energy utility sector, and further develop Kespry’s international business.
“Kespry has an outstanding team and technology,” said Carl Stjernfeldt, Shell Technology Venture’s deal lead and representative to Kespry. “Bringing companies with unique capabilities into the Shell portfolio is an example of how we compete at the forefront of the digital transformation of our industry and drive business results across a broad set of applications within Shell.”
Kespry has now raised a total of $61m in venture funding. The company closed its $12.3m Series A round in October 2014 and a $16m Series B round in June 2016.
You can learn more about Kespry here.