US drone technology firm PrecisionHawk files for bankruptcy
PrecisionHawk, a developer of commercial drones, is shutting down. Last month the company voluntarily filed for Chapter 7 bankruptcy.
PrecisionHawk had customers in a variety of industries, including agriculture, energy, and telecommunications. Some of its applications for agriculture, for example, included counting crops, quantifying plant health and maximizing yield.
Founded in 2010, PrecisionHawk grew rapidly last decade as it completed a series of successful funding rounds. Clients included utility providers and agricultural companies, which relied on PrecisionHawk drones to capture data and analyze the results.
Significant changes
From 2015 to 2017, it was led by Bob Young, co-founder of the software giant Red Hat. Four years ago, the firm relocated from North Raleigh to Glenwood South, where it employed approximately 100 people by the end of 2019.
PrecisionHawk had already gone through significant change this year. In March, it replaced its CEO, Jim Norrod. A few weeks later, it was announced that PrecisionHawk would be acquired by the Norwegian company Field Group. Despite the takeover, PrecisionHawk pledged its headquarters would remain in Raleigh.
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