Australian Drone Analytics Startup Propeller Aero Hits US$18M Mark in Series B

Existing backers Blackbird Ventures and Costanoa Ventures return to lead Propeller’s fundraise

Australian drone analytics solutions provider Propeller Aero has raised US $18 million in its Series B round of funding, the New South Wales-based company announced in a statement yesterday.

The capital was raised from Oceania-based venture capital fund Blackbird Ventures and U.S.-based early stage venture investor Costanoa Ventures, both of which led the round, the statement said.

“Propeller is one of the fastest-growing companies in our portfolio at a large scale, but more importantly is building a special culture that will allow it to make a large impact for many decades to come,” Partner at Blackbird Ventures, Niki Scevak noted in the statement.

Propeller is a proptech startup for worksite management using 3D mapping and analytics solutions for construction, aggregates, mining, and waste management sites.

The funds will be channeled towards scaling its business and launching its new product DirtMate, a real-time machine tracking system, slated for release in Q1 2021, CEO and Co-founder of Propeller, Rory San Miguel noted in the statement.

“Our new product DirtMate is the real-time complement to our existing workflow. We’ve taken our existing GPS technology and created a version that’s easy to install on every earthmoving machine,” San Miguel said.

“As each machine is moving across the worksite, moving dirt, we track elevations to build surfaces in real-time, within a few centimeters of accuracy,” he continued. “With DirtMate, we move from being a retrospective tracking solution to a solution that can detect issues and suggest improvements in real time.”

DirtMate went into beta testing in March this year, according to an earlier press note by the company.

Both Blackbird Ventures and Costanoa Ventures are existing backers of the company, having provided seed funding to the startup in 2015.

“We have continued to invest as we have seen the company emerge as category leaders, operate at high standards of excellence, and show real dedication to their customers. Propeller is firing on all cylinders,” Partner at Costanoa Ventures, Mark Selcow said in the statement.

The company further announced the fresh board appointment of Roz Buick. Buick was previously at Trimble, an enterprise proptech company, as Senior Vice President for over 24 years.

The company currently caters to over 4000 global worksites on a monthly basis, the statement said. It added that Propeller’s platform saw a 40% increase in surveys uploaded from Q1 to Q2 this year.

Propeller had previously raised its Series A in two tranches, with a $3.1 million round in late 2016, and a second $10.1 million round in 2018. Blackbird Ventures led the latter tranche, while Costanoa Ventures co-led the 2016 round with U.S. based early- and growth- stage venture capital firm Accel Partners.

Prior to its Series A, the company had raised AU $1.6 million as seed funding spread in two rounds that took place in February 2015 and October 2015.

Photo by Dose Media on Unsplash


Share on facebook
Share on twitter
Share on linkedin
Share on email


Transparency in the Post FTX World What is Proof of Reserve

Transparency in the Post FTX World: What is Proof of Reserve?

In November this year, two big league crypto businesses, FTX and BlockFi, filed for bankruptcy. FTX had a death spiral after news broke out that the Sam Bankman-Fried-owned exchange had used customer funds to make risky bets through his hedge fund Alameda Research. On the other hand, FTX was closely associated with BlockFi, with them having signed a loan agreement with each other and BlockFi holding US$355 million in digital assets on FTX.

How Do Recommendation Engines Work

How Do Recommendation Engines Work?

Picture this: You just finished a film on Netflix and want to follow it up with something similar. Luckily, Netflix comes to the rescue and gives you the perfect suggestions to continue your weekend movie binge. This isn’t just a hypothetical scenario but something a lot of people actually go through.

Quantum Computing Has a Cybersecurity Problem. Here’s How Experts Are Solving It

Quantum Computing Has a Cybersecurity Problem. Here’s How Experts Are Solving It

In 2019, Google used its quantum computer, the Sycamore machine, to prove that quantum computers can solve a problem in mere minutes. Experts working on the quantum computer found that their system could execute a calculation in 200 seconds, whereas a standard computer would take 10,000 years to complete. What on earth is this powerful tool?

Here Are Some Alternative Sites People Are Jumping To

Musk May Have Killed Twitter: Here Are Some Alternative Sites People Are Jumping To

Ever since Elon Musk purchased the social networking site Twitter for US$40 billion, things haven’t been looking too good for the company’s future. Not only did Musk fire over 50% of the employees soon after stepping on board as the new chief executive officer, but he also intends to allow maximum freedom of speech. This can end up making Twitter a cesspool of racism and misogyny, as well as other forms of hate speech.

How Do Venture Capitalists Choose Which Project to Invest In?

How Do Venture Capitalists Choose Which Project to Invest In?

For those in the entrepreneurial space, raising funds can be very challenging. Not only is it difficult to find the right investor for your startup, but it is also hard to convince said investor to put money into your venture. With over 75% of venture-backed companies failing, the venture capitalist (VC) you approach is taking a serious risk when putting their money into your startup.

CEOs That Crashed and Burned in 2022

CEOs That Crashed and Burned in 2022

As 2022 draws to a close, it is time to sit back and reflect on events that have unfolded this year—the good, the bad and the ugly. We saw massive layoffs in the tech space and a devastating crypto market crash with one crypto company going down after another. You must have seen article after article talking about the situation with Luna and Celsius as well as the recent bankruptcy filings of FTX and BlockFi.