Overwatch Imaging, one of the region’s fastest-growing companies, raised $11.2 million from investors to boost its business even more.
The Hood River-based company makes imaging systems for piloted and autonomous aircraft. The systems are built with onboard artificial intelligence for search and mapping applications. The company has found a robust customer base in search and rescue, wildland firefighting and other first responders who use the technology to assess and manage challenging environments and situations.
This funding will be used to help the company expand into new markets and geographies as well as product development. The company is also hiring. It plans to add 15 to 20 people this year in engineering and business development.
“We have extremely ambitious growth goals for our company and are committed to making a major positive impact in missions that matter around the world,” said CEO Greg Davis in a written statement. “Our highly respected group of investors brings not only capital to accelerate our growth, but also amazing experience and valuable networks.”
This round was co-led by Squadra Ventures and Shield Capital. It also included L3Harris Technologies (NYSE: LHX), Bridger Aerospace, and the Portland Seed Fund.
As part of this deal, Guy Filippelli, managing partner at Squadra Ventures, and Raj Shah of Shield Capital are joining the Overwatch Imaging board. Other board members include founders Greg Davis and Nick Anderson as well as retired Army Maj. Gen. Jim Linder, who is president of Tenax Aerospace. Tenax is a major customer and was the first outside investor in the company in 2019.
“Overwatch Imaging has immense traction and rapid growth within the public safety and search and rescue industries. Further enabled by the network and resources that Squadra and our co-investors bring, we fully expect the company to have a massive impact in national security and defense intelligence, as well as civil applications, both domestically and internationally,” said Filippelli in a written statement.
Overwatch Imaging has 25 employees and works out of a 6,500-square-foot facility in Hood River. Last year, it ranked No. 5 on the Business Journal list of fastest-growing private companies. It had 2020 revenue of $5.6 million and a two year growth rate of 434.4%.
The company provides mapping to the U.S. Forest Service and is a primary provider of maritime search payloads for European Maritime Safety Agency (EMSA) Remotely Piloted Aircraft System (RPAS) program. According to the company, its systems integrate with 12 piloted aircraft types and 10 drone models.
