Drone tech firm Censys Technologies Corp. is cruising toward significant growth after closing its biggest investment round.
The Daytona Beach-based firm intends to triple its workforce of 48 people by April, co-founder and CEO Trevor Perrott told Orlando Inno. The 2022 Orlando Inno Startups to Watch honoree on July 5 announced it raised $8.3 million in a Series A round led by Cocoa Beach-based Kirenaga Partners LLC.
Three Embry-Riddle Aeronautical University graduates started Censys in 2017. The company builds remote sensing solutions for unmanned aircraft vehicles, commonly called drones, traveling beyond the visual line of sight, which means beyond the pilot’s field of view. The firm’s customers typically use drones for mapping, imaging and data collection in the agriculture, surveying, utility and public safety sectors.
Beyond growing its workforce, the funds speed up Censys’ transition to what the firm calls an “airborne intelligence company.” For one, the investment will fund the development of a subscription product that packages together the firm’s hardware and software offerings.
In addition, Censys will use the money to complete its type certification with the Federal Aviation Administration. The certification signifies the design of Censys’ drones are in compliance and the aircraft can fly over buildings and roadways without special permissions. Censys began the certification process this year, and Perrott expects the company to complete it in 2024.
Kirenaga led a $2 million seed round for Censys in 2020, and the early-stage venture capital firm returned to lead the oversubscribed Series A round. The capital will fund expanded manufacturing capabilities and advancements in imaging, data processing and machine learning, Kirenaga founder and Managing Partner David Scalzo said in a prepared statement.
“In the rapidly growing drone and imaging marketplace, Censys continues to be one of the industry leaders.”
Birmingham, Alabama-based Collective Capital Ventures also invested in the round. The investment firm was impressed with the smart, motivated and customer-centric team at Censys, Collective Capital Managing Partner Clay Corman said in a prepared statement.
Drone technology primarily was developed for military uses, but drones increasingly are popular for non-military applications among government agencies and private firms, Terence Fitzpatrick, a principal at federal market consulting firm Deep Water Point LLC, previously told Orlando Business Journal.
These uses of drones are growing. The non-military production of unmanned aerial systems — which include drones, operators and the needed infrastructure — will grow from $5 billion in 2020 to $18.4 billion in 2029, according to aerospace and defense market analysis firm Teal Group Corp.
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