$25M Series B funding was raised by vHive, a Herzliya, IL-based company that provides software solutions that enable enterprises to deploy autonomous drone hives and create Digital Twins of their assets.
PSG led the round, which also included participation from Octopus Ventures, Telekom Innovation Pool, DTCP, and Telekom Innovation Pool. In conjunction with the funding, Ronen Nir, Managing Director at PSG, joined vHive’s board of directors.
The company plans to use the funds for:
- Further accelerate the growth of its global customer base
- To expand operations in key market areas and to open new markets,
- To increase its market share and product offerings in enterprise digitization, including autonomous drones, data analysis, computer vision and AI,
- Accelerate the development and deployment of innovative solutions in key markets.
Led by Yariv Geller, CEO, vHive provides Digital Twin software solutions, which accelerate enterprises’ continuous digital transformation, enabling them to make decisions based on accurate field data, analytics, and insights. The software allows enterprises to use autonomous drones to digitize field assets and operations such as cell towers and cranes.