Funding to support vHive's vision to digitize enterprise assets and expand operations globally
NEW YORK and LONDON, April 5, 2022 /PRNewswire/ -- vHive, a software solution that enables enterprises to deploy autonomous drone hives to create Digital Twins of their assets, announced today that it has secured $25 million in Series B funding. The funding round is led by PSG, a leading growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth. Previous investors Octopus Ventures and Telekom Innovation Pool (TIP), Deutsche Telekom's strategic investment fund advised by DTCP, also participated in the round. Ronen Nir, Managing Director at PSG, has joined vHive's board of directors.
vHive's software platform is built with its customers' journey in mind, providing end-to-end solutions that enable organizations to autonomously capture data using drones to create Digital Twins of their assets, such as cell towers, cranes, and structures. Its AI and computer vision algorithms were built on comprehensive data and hands-on field experience with global top-tier customers to deliver performance and capabilities that vHive believes are hard for others to replicate. The company believes its ability to connect the physical and the digital world provides enterprises with a new way to digitally transform their field assets, visually access information, and rapidly reach actionable business insights.
PSG's investment in vHive aims to further accelerate the company's expansion of its global customer base and enable the company to scale up operations in key markets, as well as to enter new ones. The investment is also intended to help bolster vHive's enterprise digitization platform market leadership and product offerings, which include autonomous drones, data analytics, computer vision, and AI, and fuel the development of new solution capabilities for key markets.
"We believe vHive has built one of the industry's most advanced and comprehensive digitization solutions, and we are excited to seek to replicate our success in the telecom and crane markets in new market verticals," said Yariv Geller, CEO and Co-Founder of vHive. "We are thrilled to partner with seasoned investors who share a common vision to advance the company's mission, extend its reach, and scale its customer base."
"vHive's solutions for capturing and digitizing physical assets have enabled the company to build a reputation as a strong partner of choice for top-tier enterprises going through digital transformation - a global trend that is sweeping through multiple industries. Its customers can experience measurable success using vHive's solution, impacting their operations and workflows," said Nir. "We have been impressed with the company's rapid growth and are excited to propel it to the next level."
About vHive
vHive is a global leader of Digital Twin software solutions. vHive accelerates enterprises' continuous digital transformation, enabling them to make better decisions based on accurate field data, analytics, and insights. vHive is a leading software solution that enables enterprises to deploy autonomous drone hives to digitize their field assets and operations. vHive is making an impact in a variety of industries by seeking to dramatically cut operational costs, generate new revenue opportunities and boost employee safety. Learn more at www.vHive.ai.
About PSG
PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 95 companies and facilitated over 375 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Paris, Madrid and Tel-Aviv. To learn more about PSG, visit www.psgequity.com.
Contact:
Sharon Imber, CMO
vHive
Sharon@vHive.ai
Jackie Schofield
Prosek Partners for PSG
jschofield@prosek.com
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