NEW YORK and LONDON, Oct. 14, 2020 /PRNewswire/ --
Funding will support vHive's rapid growth trajectory as it helps enterprises gain business insights to their field assets while streamlining costs
vHive, the only software solution that enables enterprises to digitize their field assets and operations using autonomous drone hives, announced today a $4 million extension to its Series A, led by Telekom Innovation Pool (TIP), Deutsche Telekom's strategic investment fund advised by DTCP. Existing investors Octopus Ventures and StageOne Ventures participated in the funding, which will accelerate the company's growth and expansion in the enterprise drone software market. Joel Fisch, Deutsche Telekom Vice President and TIP Co-managing Director has joined the Company's board of directors.
Deutsche Telekom, one of the world's leading telecommunication companies, is investing in vHive to fuel the company's continued expansion in markets that are going through digital transformation using autonomous drone hives. These markets include telecom, construction, cranes, insurance and others. The investment will support vHive's leadership in data analytics, computer vision and AI, and further automate recognition of items of interest. Deutsche Telekom with its global portfolio, will assist in applying vHive's solution in the Telecom space.
"We are thrilled to have the backing of a significant industry player such as Deutsche Telekom as a testimonial to vHive's innovation," said Yariv Geller, CEO and co-founder of vHive. "Deutsche Telekom's investment demonstrates their commitment to digitizing their infrastructure using the vHive platform as well as the acceptance of drones, digital twins and data analytics as a significant telecom industry practice with clear use cases and ROI."
vHive's unique software platform is built with its customer journey in mind. Its end-to-end solution enables organizations to produce 2D and 3D Digital Twins of assets such as cell towers, cranes and structures and uses AI and analytics to generate business and operational insights. The software provides an intuitive user interface for inspection, measurement and identification of equipment and faults. vHive has trained its AI and computer vision algorithms on a broad data set composed of real assets that unlock new use cases with a precision that is hard to replicate for competitors.
"The last decade has seen an explosion of end-device processing power, imaging technology and cloud compute. Coupled with advances in drone technology and increasingly sensitive sensors, this has created disruptive opportunities around how to capture and analyze the physical world," said Deutsche Telekom Vice President and TIP Co-managing Director, Joel Fisch. "vHive sits at the confluence of these trends and is developing technology and business models for digitizing physical assets as a new drone ecosystem comes into being."
vHive has been working closely with Deutsche Funkturm GmbH as an integral part of its digital transformation process. As a provider of radio infrastructure, Deutsche Funkturm acquires, plans, realizes, operates, and markets radio sites throughout Germany. The joint work, which is now materializing into a long-term relationship, digitizes Deutsche Funkturm's assets and provides operational insights using autonomous drones.
"The greatest added value to be gained from our cooperation with vHive is in continually managing 'digital twins' of our portfolio. Through the precise digitization of our sites and the analytic insights generated using vHive's innovative software solution, we expect a sustainable increase in efficiency and quality," says Martin Bouchard, Chief Operating Officer of DFMG Deutsche Funkturm GmbH.
vHive is a global leader of drone software solutions. vHive accelerates enterprises' continuous digital transformation, enabling them to make better decisions based on accurate field data and analytics. vHive is the only software solution that enables enterprises to deploy autonomous drone hives to digitize their field assets and operations. vHive is making an impact in a variety of industries including communication towers, construction, insurance and rail by dramatically cutting operational costs, generating new revenue opportunities and boosting employee safety. Learn more at www.vHive.ai
About Deutsche Telekom
Deutsche Telekom is one of the world's leading integrated telecommunications companies, with some 184 million mobile customers, 27.5 million fixed-network lines, and 21 million broadband lines. It provides fixed-network/broadband, mobile communications, Internet, and IPTV products and services for consumers, and information and communication technology (ICT) solutions for business and corporate customers. Deutsche Telekom is present in more than 50 countries.
About Deutsche Funkturm
With 800 employees, Deutsche Funkturm is a key player in developing infrastructure for German mobile network operators, broadcasters, operators of radio relays, and the radio networks of authorities and other institutions. The company was founded in 2002 and is part of the Deutsche Telekom Group. Its portfolio includes about 31,600 radio sites. Its portfolio includes towers, masts, rooftop sites, distributed antenna systems (DAS), and small cells. Deutsche Funkturm operates throughout Germany. For further information please visit www.dfmg.de/en
Sharon Imber, CMO
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