Why We Invested in DroneDeploy
DroneDeploy is the leading cloud-based drone mapping and analytics platform to help businesses get things done. DroneDeploy built the software that enables images and videos captured by drones and robots to be useful to a variety of industries.
I was originally introduced to DroneDeploy through my friend Nisha, who I have gotten to know through RTV’s work in CSR (she’s part of the awesome social impact team at PagerDuty). Here at RTV, we operate on both the investment and “impact” sides of for-profit companies, so we discover companies through both lenses and then have to gain conviction on both sides.
This makes our investing universe smaller than it would be if we were only a venture investor. But our decision to invest in DroneDeploy was fast and easy. Here’s why:
Large and growing market of commercial drone software.
The global drone software market was valued at $5.96 billion in 2021, and is projected to reach $21.93 billion by 2031, growing at a CAGR of 14.5% from 2022 to 2031. The use cases for DroneDeploy’s technology span a wide range of industries, including but not limited to construction, agriculture, energy, oil and gas, mining and property management. Furthermore, enterprise use is becoming more widespread as large businesses are turning to drone and robotic technology to improve efficiency, lower costs and improve safety. Companies of all sizes are now digitizing their sites inside and out, creating full “digital twins” of their assets.
Established leader in the reality capture software solution market.
DroneDeploy is the de facto leader in the field of drone mapping solutions. They were a first mover when the company was founded in 2013, and have become the go-to logo in the drone mapping arena. They’ve won large contracts with big logos and continue to upsell into existing clients, resulting in a very solid net retention record. They also have some of the best SaaS investors out there (Bessemer, Emergence, Scale) on their board to support their growth.
Product-focused and passionate founders.
DroneDeploy has three founders, each one with a unique technical background. They are constantly evolving the product to meet customer needs, launching new product lines that make their technology more automated, more intelligent and more valuable - thus keeping their customers sticky. The technology of DroneDeploy is complex and ever-evolving, and with the advent of AI, we want leaders with this variety of technical expertise at the helm.
Actionable impact potential with an existing impact base.
Most people don’t know this, but the founders of DroneDeploy started the company based on an effort to assist park rangers in Kruger National Park: by leveraging drones they could help catch poachers that were illegally hunting rhinos in the park. Although the company has evolved and serves many other purposes now, this desire to use tech for good is at the core of the company. They hired a wonderful person, Rebecca, to lead their impact efforts, and she has already built a strong foundation in DroneDeploy.org. The company partners with nonprofits across the globe to improve crisis response, protect and monitor natural environments and develop educational opportunities. Read more about their efforts in their first Impact Report. With the philanthropic capital that went along with our investment in the company, I have high hopes that Rebecca and the wider DroneDeploy team will grow the existing efforts into even more meaningful, high-impact programs that will drive real and measurable results.
In conclusion, our decision to invest in DroneDeploy was driven by a combination of factors that position the company as a standout player in the rapidly expanding commercial reality capture software market. With a proven track record, a pioneering spirit, product-focused founders, and a clear commitment to making a positive impact using their product, it was a no-brainer partnership for RTV. With the infusion of philanthropic capital, we eagerly anticipate seeing DroneDeploy further amplify its actionable impact potential and contribute to meaningful, high-impact programs that deliver real and measurable results. As stakeholders in their journey, we look forward to witnessing the continued success and positive influence of DroneDeploy in shaping the future of drone technology and social responsibility. Stay tuned for exciting developments on this front.