Israel-based vHive raises $4 million in series A to help grow its enterprise drone hive market
The investment will help vHive better penetrate the telecom space for Digital Twin assets
Digital asset software solution vHive Tech Ltd. has announced a $4 million extension into its series A round, led by Telekom Innovation Pool (TIP), Deutsche Telekom’s strategic investment fund advised by DTCP. It has joined current investors Octopus Ventures and StageOne Ventures who also participated in the round. Alongside the extension, Deutsche Telekom Vice President and TIP Co-managing Director, Joel Fisch, has joined its board of directors.
vHive is a software solution that helps enterprises digitize their field assets and operations using autonomous drone hives. Its end-to-end solution helps them produce 2D and 3D Digital Twins of assets, such as cranes, cell towers, or structures. It then uses AI to produce analytics and operational insights.
“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,” said Yariv Geller, CEO and co-founder of vHive.
Deutsche Telekom will help apply vHive’s solution into the Telecom space using its global portfolio of companies that are currently undergoing digital transformation. It has 185 million mobile customers and more than 27 million fixed-network lines, operating in more than 50 countries.
“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 was founded by Geller alongside Tomer Daniel, who serves as its CTO. Founded in 2016, the $4 million extension to its series A round brings the total round to $9.5 million and its total funding to $11.5 million, following a $2 million seed round in 2017. It is based in Herzliya and Tel Aviv, Israel.