Drone Data Analytics Platform SkyWatch Announces $2 Million in Seed Funding
SkyWatch Will Use The Financing To Continue Building Its Innovative Platform, Enabling Drone Service Providers To Track Important Safety Metrics During Flight Planning, Flight Execution And Post-Flight, And Build On-Demand Insurance Solutions
SkyWatch, a data analysis, risk-assessment and active risk-reduction platform for the drone industry, announced today that it has raised $2 million in a Seed round from F2 Capital, Verizon Ventures and Kaedan Capital with participation of former senior insurance executives from companies like Axa and Liberty Mutual, and world-class leaders in the drone industry. SkyWatch will use the financing to continue building its innovative platform, enabling drone service providers to track important safety metrics during flight planning, flight execution and post-flight, and build on-demand insurance solutions.
“Goldman Sachs expects the drone industry to grow by $100 billion over the next five years as more businesses rely on them to complete tasks,” said Tomer Kashi, CEO & Co-Founder of SkyWatch. “Safety is often cited as one of the top setbacks for industry growth. SkyWatch will revolutionize drone safety by giving operators a holistic, one-stop solution to manage their flight safety. As more pilots improve their safety standards, regulators will lower the bar and open the skies to more operators, thus expanding this already emerging market.”
SkyWatch’s mobile application will be available on iOS and Android to both business and recreational operators in Q1 2018. The application will connect to most unmanned aerial vehicles (UAVs) of choice and allow operators to get real-time hazard warnings based off of the drone’s telemetry, calculating a proprietary “safety score” for each flight, based on the operator’s behavior. The “safety score” can be used to set an industry benchmark for operators, who will be more aware of how they fly, and will be able to improve their score as they practice better, safer flights. Additionally, the company plans to offer operators unique on-demand insurance solutions based on this proprietary safety score in coordination with leading insurance carriers.
“As a global leader in fleet management and mobile workforce solutions, we appreciate the importance of AI driven solutions to planning, executing and analyzing mobility while mitigating risk and cutting costs,” said Roni Burrell, Director at Verizon Ventures Israel.
SkyWatch’s software platform uses a variety of data sources and AI based algorithms to analyze risks. These include more than 30 drone sensors to predict and prevent potential failures before they ever occur, hyper-local weather mapping (wind, precipitation, and temperature), 3-D airspace and ground mapping, and crowd density mapping.
“Our discussions with other drone industry leaders all point to the need and demand for the SkyWatch risk management and insurance solution,” said Barak Rabinowitz, Managing Partner of F2 Capital. “2018 will be a big year for mainstream commercial adoption of drones and Skywatch is well positioned to help pave the way.”
“We are very happy to join Ori, Ronny and Tomer on their journey,” said Liad Rubin, Director on behalf of Kaedan Capital. “Their unique approach to problem-solving and their expertise in machine learning and data analytics is going to impact the way the drone industry deals with safety in the coming years”.
Skywatch is a powerful data analytics platform that empowers drone operators and fleet managers to track their safety metrics and reduce flight risks preflight, in-flight (real time) and post-flight. The SkyWatch platform leverages the power of machine learning to not only assess the risk, but to actively mitigate it.