Verizon Ventures has exited drone management software developer Skyward through an acquisition by its parent company.
Telecommunications firm Verizon acquired US-based drone operating software provider Skyward for an undisclosed amount yesterday, giving an exit to its corporate venturing unit, Verizon Ventures.
Skyward produces software that makes the management and operation of unmanned aerial vehicles more efficient and cost-effective. Companies can use the platform to integrate and connect their drone network in a single place.
Verizon will use Skyward’s technology to provide an end-to-end drone operations service that incorporates planning, workflow, airspace data, registration and regulatory compliance support.
Jonathan Evans, Skyward’s founder and chief executive, said: “Drones are becoming an essential tool for improving business processes at large companies, but scalability has been a challenge.
“Skyward’s drone operations management platform combined with Verizon’s network, reliability, scale and expertise in delivering enterprise solutions will allow organisations to efficiently and safely scale drones across multiple divisions and hundreds of use cases.”
Venture capital firm Voyager Capital led a $1.5m seed round for Skyward in 2014 before returning for a $4.1m round in April 2015 featuring Verizon Ventures, Norwest Venture Partners, Draper Associates, Founders Co-Op and Techstars Ventures.
Skyward added $2.7m in debt financing in June 2016, according to a regulatory filing.
