vHive, a software solution that allows users to create digital twins of assets using drones, has secured $25m (£19.1m) in Series B funding.
The round was led by PSG, with previous investors Octopus Ventures, Telekom Innovation Pool (TIP), and Deutsche Telekom’s strategic investment fund advised by DTCP, also participating in the round.
Ronen Nir, managing director at PSG, has joined vHive’s board of directors.
vHive believes its ability to connect the physical and the digital world provides businesses 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 digitisation 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.
Yariv Geller, CEO and co-founder of vHive, said: “We believe vHive has built one of the industry’s most advanced and comprehensive digitisation solutions, and we are excited to seek to replicate our success in the telecom and crane markets in new market verticals.
“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.”
Ronen Nir, managing director at PSG, added: “vHive’s solutions for capturing and digitising physical assets has 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.
“We have been impressed with the company’s rapid growth and are excited to propel it to the next level.”
Main image: vHive co-founders Yariv Geller and Tomer Daniel. (Credit: Sivan Daniel)
Read next: Mobility startup Wejo launches new traffic intelligence solution
Are you a building professional? Sign up for a FREE MEMBERSHIP to upload news stories, post job vacancies, and connect with colleagues on our secure social feed.
