Israeli AI company vHive announced today the completion of a $5.5 million financing round led by Octopus Ventures, with participation from existing investors StageOne Ventures and private investors. vHive has developed a software solution that enables enterprises to digitize their field assets and operations using autonomous drone hives.
This funding will support vHive’s mission to expand its customer base and accelerate growth as well as to further develop its technology leadership. Zoe Chambers of Octopus Ventures has joined the Herzliya-based company’s board.
Founded in 2016 by CEO Yariv Geller and Tomer Daniel, vHive’s mission is to be a trusted partner that enables enterprises to digitally transform by capturing data from the field and applying analytics to generate better actionable business insights. Using autonomous drone hives, enterprises drive their operational efficiencies and generate new revenue opportunities.
Since its seed investment, vHive has attracted Fortune 500 companies who use its software platform across a variety of industries and geographies. The company has enabled its customers to conduct thousands of drone surveys in industries such as cell towers, construction, insurance and rail.
Geller said, “Enterprises are using vHive’s software to enable non-expert field employees to deploy autonomous off-the-shelf drones to digitize their field assets and operations. vHive’s solution handles missions of any scale or shape, bringing innovation to a variety of industries. This investment accelerates vHive’s customer base expansion in our current sectors of activity. We also plan to further grow our technology leadership, providing the most scalable, yet easy to use solution in the industry.”
Chambers said, “As the telco and construction industries drive towards digital transformation, we agree with some of the world’s largest enterprises, that the future lies in a software solution which allows vast amounts of data to be efficiently acquired at scale. The vHive platform orchestrates multiple autonomous drones using off-the-shelf hardware to deliver a rich and accurate overview of field assets. Uniquely, it does this without requiring expert pilots and in a workflow which can be used across the enterprise. We believe that their cutting-edge technology will allow vHive to maintain its leadership in this domain and further capitalize on opportunities with some of the world’s largest enterprises.”
StageOne Ventures partner and managing director Yoav Samet said, “When we first assessed vHive, we were very impressed that the founders had already demonstrated, before the seed investment, an innovative software solution that enabled enterprises to digitize their large and complex field assets and operations by using multiple autonomous drones. Since our seed investment, vHive has proved its unique value to multiple industries and distinguished enterprises and is continuing to develop cutting-edge technologies that create value for its customers. This funding round will enable the company to deepen its AI capabilities and expand into new industries.”
Published by Globes, Israel business news - en.globes.co.il - on September 11, 2019
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