A St. Petersburg drone analytics company has received $3 million from a Boston-based venture fund.
5x5 Technologies announced the raise will be part of a larger $6 million Series B funding round, led by Boston-based Safar Partners Fund. The company will also join 5x5 Technologies board of directors.
A Series B is typically a larger raise than a Series A round, which is a company's first foray into a large funding round. The St. Pete company previously raised $4.3 million in 2018.
"5x5's market potential is so large because it includes all wireless towers, infrastructure assets like bridges and buildings, and utilities infrastructure; its business model is promising.” Arunas Chesonis, managing partner of Safar Partners Fund, said in a statement. "We have been impressed by 5x5 Technologies and the progress the company has achieved even during these trying pandemic times."
The funding will be used to help the company's data analysis platforms, which take drone collected data and reconstruct virtual models called "virtual twins." To date, the company has reconstructed more than 1,300 digital twins for customers, which span tower owners, carriers and engineering companies. The company, founded in 2016, has clients in the U.S. and is expanding into Europe and the Middle East.
The company did not disclose when it expects to close the Series B round, or where the remainder of the funds will come from. The $3 million funding comes after the company received a "Jump Start" award from Amazon Web Services.
