PrecisionHawk, a once-promising commercial drone company from Raleigh, North Carolina, is ceasing operations, following a voluntary Chapter 7 bankruptcy filing in mid-December 2023. The Robot Report sought comments from the company but to no avail. The filing reveals substantial financial distress, with PrecisionHawk bearing around $17 million in debt against assets worth approximately $3.8 million, and a workforce ranging from 51 to 200 employees as listed on LinkedIn.
The company’s journey began in 2010 and had an auspicious start, accruing more than $136 million in investment capital, including a significant $32 million Series E funding round in 2019.
PrecisionHawk catered to multiple sectors like agriculture, energy, and telecommunications, providing valuable drone applications such as crop monitoring and infrastructure inspections.
PrecisionHawk’s service portfolio included an integrated drone and sensor hardware platform, complete with flight and analytics software to convert collected data into actionable insights. Their technology played a crucial role in agriculture for tasks like crop counting and assessing plant health, as well as in inspecting telecommunication towers and power lines.
Earlier in 2023, European data analysis firm Field Group acquired PrecisionHawk, with plans to rebrand and expand operations within the United States. This acquisition, however, did not prevent the eventual shutdown. In September, after a review, Field Group announced the closure of PrecisionHawk’s Raleigh headquarters, a decision the CEO described as difficult but necessary due to profitability challenges.
In addition to its core services, PrecisionHawk also contributed to drone airspace integration, holding patents for unmanned aircraft traffic management systems. Notably, the company originated with the moniker “WineHawk,” initially focusing on leveraging drone technology to protect vineyards from birds. The news of the bankruptcy was first reported by the Triangle Business Journal.
