vHive, a software solution that enables companies to deploy autonomous drone hives that create 'Digital Twins' of assets, a virtual representation of an object or system that spans its lifecycle, is updated from real-time data, and uses simulation and machine learning.
vHive has secured $25 million in Series B funding, led by PSG, a growth equity firm that partners with software and technology-enabled services companies, like vHive, to help them grow.
Previous investors Octopus Ventures and Telekom Innovation Pool (TIP), Deutsche Telekom’s strategic investment fund advised by DTCP, also participated in the round. Ronen Nir, Managing Director at PSG, has joined vHive’s board of directors.
vHive's software system can provide solutions that enable organizations to autonomously capture data using drones to create Digital Twins of their assets, such as Cell towers, cranes, and structures.
The AI used by the drone hives employs computer vision algorithms, built on comprehensive data and hands-on field experience, that vHive believes are hard for others to replicate.
“We believe vHive has built one of the industry’s most advanced and comprehensive digitization solutions, and we are excited to seek to replicate our success in the telecom and crane markets in new market verticals,” said Yariv Geller, CEO and Co-Founder of vHive.
“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,” he added.
PSG’s investment in vHive aims to assist the company with global expansion and scaling up of operations in key markets, as well as to enter new ones.
PSG's contribution will also help bolster vHive’s capabilities, which include autonomous drones, data analytics, computer vision, and AI.
“vHive’s solutions for capturing and digitizing physical assets have 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," Ronen Nir, Managing Director at PSG said.
"Its customers can experience measurable success using vHive’s solution, impacting their operations and workflows, we have been impressed with the company’s rapid growth and are excited to propel it to the next level.”