US-based drone manufacturer raises Series D

SkySpecs, a Michigan-based business that uses drone software to monitor almost half of all wind turbine blades in North America, has raised US $80 million in strategic capital to expand its product line and geographic footprint on 13th May 2022. Goldman Sachs led the investment round, including NextEra Energy Resources and current investors.

Along with Goldman, NextEra Energy, Düsseldorf-based VC Statkraft Ventures, and Postmates backer, Huron River Ventures are among the fresh round’s investors. Despite plans to invest up to US $150 billion in climate technology, Goldman Sachs continues to support the expansion of fossil fuels.

What the founder has to say:

 Danny Ellis, CEO of SkySpecs, said:

“To scale quickly enough to satisfy demand, the market requires specialists and solutions to assist them in navigating the complexity of asset management. We’ve created a solution set that allows businesses to manage and optimize their assets from the planning stage through the asset lifespan, including forecasting future failures and prioritizing repairs to save money on maintenance.”

According to Ellis, the additional money will allow SkySpecs to expand its software solutions and geographic reach to further its aim of optimizing renewable performance and assisting in the displacement of fossil fuel generation.

What the investors have to say:

Vikas Agrawal, managing director of Goldman Sachs Asset Management, said:

“SkySpecs is an industry leader, offering high-return preventative maintenance and software solutions to the world’s largest renewable asset owners and extensive data and expertise. We’re thrilled to support SkySpecs’ mission to expand capabilities that improve the performance and lifetime of renewable resources, save operating costs, and simplify asset ownership.”

About SkySpecs:

SkySpecs is one of many drone companies that focuses on critical infrastructure monitoring. Nearthlab, which also specializes in wind farm monitoring, and generalist companies like Skyqraft, Percepto, and FPV Robotics are among the others.

SkySpecs develops its gear and software and claims to be able to track the health of nearly half of all turbine blades in North America (for reference, there are 71,666 turbines in the U.S. alone). Since its inception in 2012, the company claims that its drones have evaluated over 300,000 blades in dozens of nations. According to a statement from SkySpecs, the company’s bigger goal is to “help displace fossil fuel generation” by making renewables more efficient.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.


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