Blackbird leads $10m round for Australia's Propeller Aero

Sequoia Capital China also participated, while all existing investors re-upped. Previous backers include US-based VCs Accel and Costanoa Ventures, as well as Sydney-based incubator Cicada Innovations, and Melbourne-based accelerator Startmate.

It brings Propeller’s total funding to date to $14 million. The fresh capital will be used to advance product development as well as for a global scaling push that will include an expansion of the team internationally. The company opened a US office in November.

Founded in 2014, Propeller offers drone-mounted analytical equipment such as 3D imaging tools to help clients improve management of industrial worksites, especially mines and construction projects. The technology is operable on-site via tablet and is said to result in fewer disputes and mistakes, as well as lower reporting overheads.

“Surveying construction sites doesn’t often make headlines, but it’s where drones are making a difference in trillion-dollar global sectors,” Francis Vierboom, co-CEO and co-founder of Propeller, said in a statement. “We’ve seen cloud-based tools transform other industries, but before Propeller there were limited options for worksites.”

Blackbird was founded in 2012 and invests primarily in early-stage domestic IT start-ups. It reached a first close of about $173 million earlier this year on its third fund, which will expand the firm’s mandate to include more follow-on rounds for successful portfolio companies.

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• Topics
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