Propeller Closes $18M in Sequence B Funding and Broadcasts New Board Member, Roz Buick – Drones Information
Propeller, a 3D mapping and construction site analysis company that develops hardware and software to simplify data collection, processing, and analysis for construction sites, construction sets, mining, and waste disposal, announced today that $ 18 million in series B funds were applied.
This round was jointly led by Blackbird and Costanoa Ventures, long-time supporters and propellers of Propeller, who showed tremendous conviction in their decision to support Propeller in the face of the uncertainties associated with COVID-19.
“Costanoa Ventures has been a proud investor in Propeller from the start and is pleased with the significant progress in the company,” said Mark Selcow of Costanoa Ventures. “We initially invested because we saw a tremendous opportunity for improvements in the management of large construction and earth moving projects and believed in the superiority of propeller technology. We continued to invest as we saw that the company has become a leader in the category, has high quality standards and is truly committed to its customers. The propeller shoots at all cylinders. “
When asked what triggered the decision to seek additional capital, Rory San Miguel, CEO and co-founder of Propeller, identified two key factors: the ability to scale faster and the launch of a new product called DirtMate.
DirtMate, a machine tracking system that collects real-time progress and productivity data, is currently in beta, but is well positioned to leave its mark on the earthmoving industry with the official release scheduled for the first quarter of next year to leave.
“Our new product DirtMate is the real-time addition to our existing workflow,” explains San Miguel. “We took over our existing GPS technology and created a version that is easy to install on any earth moving machine. As each machine moves across the construction site and dirt moves, we track the heights to create surfaces in real time with an accuracy of a few centimeters. With DirtMate we are transforming from a retrospective tracking solution to a solution that can identify problems and suggest improvements in real time. ”
From Q1 to Q2, Propeller saw a historic increase in platform engagement. The number of surveys uploaded to the propeller platform increased by 40% compared to the previous quarter.
“Propeller is one of the fastest growing companies in our portfolio on a large scale, but more importantly, it builds a special culture that can make a big impact over many decades,” said Niki Scevak, partner at Blackbird Ventures. “Blackbird is pleased to further strengthen Propeller’s mission and enable large earthworks companies to make great strides by integrating technology into their core activities.”
Propeller also announced today that Roz Buick, a pioneer and advocate of digital transformation in construction who has served as Trimble’s senior vice president for over 24 years, has recently joined the Propeller board. Roz headed Trimble’s heavy construction work for nine years and was instrumental in founding SITECH sales partners – a wealth of relevant experience and relationships that she has brought to the propeller board since then.
Today, just a short time in its life, the 138-strong propeller team supplies more than 4,000 construction sites in over 50 different countries every month.
“All of this is made possible by the epic team and propeller customers, who are ridiculously generous with their time to help us solve real-world problems,” said San Miguel. “It is very exciting to see how Propeller takes its step. We can be very proud and do a lot more.”
Propeller’s world-class drone analysis solutions allow users to measure and manage their websites themselves. Heavy civil construction and resource operations rely on Propeller to track location changes safely and accurately with 3D visual tools that anyone can use. Propeller gives the teams a comprehensive picture and enables people to go deeper, do more and work better together.