FIRST IN FLIGHT: GIANT CORPORATIONS SEE A BIG UPSIDE IN A RALEIGH-BASED DRONE BUSINESS.

• Author: Ranii, David
• Position: NCTREND: Tracking tech - PrecisionHawk

Offering one-stop shopping for businesses that want to use drones for highly specialized tasks has propelled Raleigh-based PrecisionHawk to the forefront of a booming new industry. After raising $75 million from investors in January--boosting its total fundraising past $100 million--PrecisionHawk touts itself as "the world's most well-capitalized" company focused on the commercial-drone market.

It's also among the most ambitious: CEO Michael Chasen, 45, believes fast-growing demand plus the company's leadership position can be a springboard to building a business with $1 billion in annual revenue. Chasen anticipates the money raised from investors can sustain the company until it becomes self-sufficient, though he doesn't rule out seeking another round of capital.

PrecisionHawk's strong suit is its diverse offerings, ranging from drones equipped with sensors that can inspect rooftops to detect hidden leaks to those that can determine what parts of wheat fields could benefit from more fertilizer or many other uses.

To be sure, residential-package delivery, which gets the most drone-related media attention, isn't in the mix, says Thomas Haun, senior vice president.

All of the company's offerings revolve around data collected by sensors attached to drones, both of which are sold by the 150-employee business. Other products include proprietary software that collects and analyzes the information and systems developed for navigation and automated flights. It also provides drone-operating services and data analysis.

PrecisionHawk neither makes nor brands the drones and sensors it sells and doesn't disclose its revenue. Customers pay from $10,000 to more than $1 million for its products and services. Research and development is conducted in Raleigh; about half of the company's employees are tech-oriented.

PrecisionHawk bolstered its capabilities in February by acquiring two companies that operate online marketplaces for licensed drone pilots for hire. Its network now includes more than 10,000 drone pilots in the U.S. and 5,000 abroad. "It's almost like an Uber network, if you will, of drone pilots," Chasen says.

Swiss agribusiness giant Syngenta uses PrecisionHawk's technology to assess crop performance in field trials. Impressed with the results, the company's venture-capital arm, Syngenta Ventures, invested in PrecisionHawk in January, along with Comcast and several other corporate giants.

The company "has bubbled to the top" of the nascent drone...