Partnership will accelerate innovation and provide strategic guidance to the companyST. PETERSBURG, Fla., Sept. 24, 2020 — (PRNewswire) — 5x5 Technologies Inc. (5x5) – a leading provider of 3D spatial computing and data analysis of drone collected data – announced today it closed the first tranche of its $6 million round of Series B funding with Safar Partners Fund.
The new equity funding will accelerate the expansion of 5x5's Ávrio Compute and Reality CAD data analysis platforms which ingest drone collected data and using photogrammetry to reconstruct precise, high fidelity 3D digital twins. The precision is achieved using the Company's proprietary volumetric georeferencing tools.
To date in 2020, 5x5 reconstructed over a 1300 digital twins for customers including tower owners, carriers and engineering companies in US and is currently expanding into Europe and the Middle East.
"The digital twins of our towers that 5x5 creates are precise, high resolution models that allow us to make faster, more accurate business decisions for our carrier customers," said Robert McCoy, Unmanned Aerial Systems Program Manager, Crown Castle.
This funding combined with a Jump Start Award from Amazon Web Services (AWS) will also allow the Company to accelerate the development of its 3D spatial computing technology integrating machine leaning and artificial intelligence for equipment identification, change detection and automation of other mission critical analytics.
"We are excited to join 5x5 on its journey to reimagine inspection of physical assets in the field. 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," said Arunas Chesonis, Managing Partner of Safar Partners Fund. "We have been impressed by 5x5 Technologies and the progress the company has achieved even during these trying pandemic times. We are excited to lead 5x5's Series B and join the Board of Directors to support the team through the next stage of the company's evolution."
"Our proven data collection standard operator procedures (SOPs) combined with our proprietary workflows and our Ávrio Platform make utilizing drones at large scale for asset management a reality," said 5x5's CEO Anne Zink. "Delivering actionable insights within a 3D environment provides unparalleled levels of information on each asset giving engineers the tools to they need to optimize each asset's value to the business. Our partnership with AWS and Safar Partners will allow us to accelerate delivering even greater insights to our customers.
About 5x5 Technologies:
Founded in 2016, 5x5 Technologies is the nation's leading Unmanned Aerial System (UAS) data analytics company, providing solutions to deliver precise and actionable analysis of aerial data for infrastructure clients. The company works with clients to develop their UAS powered asset inspection strategy, recommends the best UAS platform to meet the mission requirements and delivers an accurate, easy-to-use SaaS application to help clients quickly analyze the data. For more information, visit http://5x5tech.com.
About Safar Partners: Safar Partners is a Boston-based venture fund that focuses primarily on both early and late stage technology companies that have been spun out of MIT, Harvard, and the University of Rochester. Safar has already invested in 23 companies from the cleantech/advanced materials, life sciences, and AI/Robotics sectors ( www.safar.partners)."
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SOURCE 5x5 Technologies Inc.
|Company Name: 5x5 Technologies Inc., Safar Partners