SkyX, a Toronto-based developer of autonomous vehicles for asset monitoring and data collection, has raised about $12.5 million (US$9.5 million) in a Series B financing.
The round was backed Almond Tree-SkyX LP, led by Almond Tree Enterprise, a Canadian family office. It brings total funding so far to about $20 million. Last year, SkyX secured an investment from China’s Kuang-Chi Group.
Founded in 2015 by CEO Didi Horn, SkyX’s drones use a variety of sensors to gather customized, high-resolution data, enabling clients to monitor long-range assets, such as oil and gas pipelines.
SkyX said it will use the funds raised to execute customer contracts and pursue a go-to-market strategy targeting utilities and energy companies.
SkyX Limited Secures $9.5 Million USD in Series B Funding
New Capital Fuels Company’s Go-to-Market Operations
TORONTO, Sept. 6, 2018 /PRNewswire/ – SkyX, the Canadian leader in long-range unmanned aerial monitoring and data collection, today announced that the company has closed $9.5 million USD in Series B funding from the Almond Tree/SkyX Limited Partnership (LP), led by Almond Tree Enterprise Inc. This second round of financing brings SkyX’s total funding to date to $15.8 million USD ($20 million CAD) and comes just 2 ½ years after the company was founded. This new capital will support SkyX’s ability to execute contracts with clients as well as continue to move forward with new and existing strategies to support global demand from utilities and oil and gas corporations.
SkyX’s autonomous systems capture complex high-resolution data and deliver easy-to-understand, actionable results to global clients. The company’s first-of-a-kind drones, using a variety of sensors, can gather a vast array of customized data, enabling clients to take charge of what has previously been an expensive and complex task — monitoring long-range assets like oil and gas pipelines.
According to Mark Mandelbaum, President and CEO, Almond Tree Enterprise Inc., “SkyX has shown tremendous growth since the company was founded. The company’s amazing technology and continuous product innovation, coupled with its ability to assemble world-class executive and engineering teams at this early stage in the company’s life cycle, is a testimony to its incredible promise and growth potential. SkyX is a true leader in the drone data revolution.”
“We were highly impressed with what SkyX has been able to build with limited resources,” noted Noam Edell, President, Clanton Capital Inc., who helped facilitate the partnership between Almond Tree Enterprise and SkyX. “We’re very excited to see what the future holds for SkyX. With substantial financial resources in place, SkyX is in a terrific position to ramp up expansion plans. The company’s technology, which has the power to impact business efficiencies and effectiveness, will also have a positive impact on the environmental landscape around the world.”
“We are currently in talks with a number of big energy companies from around the globe intent on employing our services,” noted Didi Horn, Founder and CEO, SkyX. “Daily requests for trials and demonstrations reinforces the tremendous promise of this new category of long-range drone-driven data services. With the Almond Tree/SkyX LP’s cash infusion, we are eager to accelerate our go-to-market strategy.”
Added Horn, “This announcement comes a little more than one year after Shenzhen-based Kuang-Chi Group made a significant multi-million-dollar investment in SkyX. Today, thanks to funding from Almond Tree and Kuang-Chi, we are well positioned to meet our business goals this year and for the foreseeable future.”
Using a subscription-based price model, SkyX technology enables clients to reduce maintenance and monitoring costs while increasing the visibility, integrity and safety of their assets. Detecting and reporting leaks (even at night); scanning for right-of-way violations; and capturing and reporting vegetation encroachment are part of the typical mission. Further, the company’s services help clients reduce emissions caused by inefficient monitoring processes; and decrease groundwater contamination thanks to increases in inspections, improved data and faster alerts.
For more information about SkyX visit https://skyx.com/.
SkyX is a Toronto company that builds autonomous vehicles for long-range asset monitoring and data acquisition. Besides SkyOne, the intelligent self-sufficient UAV, SkyX built the SkyX System which includes xStations an autonomous launch & recovery platform and unlimited range, and the SkyOS, a centralized fleet management command and control proprietary software. Altogether, the SkyX System provides seamless and integrated monitoring as a service.
About Almond Tree Enterprise Inc.
Almond Tree Enterprises engages in a large variety of business activities, the primary focus being real estate development and financial investments.
Almond Tree’s principal operating business is its interests in Lanterra Developments, one of the largest and most prestigious condominium developer in the Toronto GTA area. Almond Tree also has significant interests in publicly traded securities and hedge funds through Almond Tree Investments Inc. and participates in a variety of private equity and venture capital investments.