Scottish drone technology company Cyberhawk Innovations is poised for further expansion and diversification after a £2million funding package from Clydesdale and Yorkshire Banks.
The eight-year-old firm plans to use the cash to accelerate growth, create jobs, develop its products and services and expand its geographic footprint in its quest for a bigger slice of the growing global remotely operated aerial vehicles (ROAV) market.
It follows a previous £1.25million investment in the business from Scottish Equity Partners (SEP) and Scottish Investment Bank, the investment arm of Scottish Enterprise.
Livingston-based Cyberhawk boasts more than 25 world drone inspection firsts, including innovative onshore and offshore inspections for the global oil & gas and renewable-energy industries.
The firm has carried out inspections across the UK as well as in mainland Europe, North America, the Middle East, Africa and Asia.
Last year, Cyberhawk boosted its transport industry credentials with a framework contract from Network Rail. The company also built on extensive experience in the offshore wind-energy sector through the launch of new commercial turbine blade inspection technology.
Chief executive Craig Roberts said: “Capturing images with drones may be considered a relatively simple process in certain market segments, but turning that data into something which is of genuine value to asset managers is the real challenge.
“We consider ourselves pioneers in the conversion of drone-captured data into actionable management information and have delivered multiple projects, in volume, to each of our key markets.
“Cyberhawk’s recent performance has been outstanding, and this funding comes at an excellent time as we embark upon a new phase of significant growth and expansion to maintain our world-leading reputation.”
Nick Edgar, senior director, growth finance, Clydesdale and Yorkshire Banks, said: “Cyberhawk’s management team has built successfully on the firm’s global track record of success in oil and gas by extending its services into other sectors such as utilities and renewables.
“There is clearly further potential for growth via the strong relationships which the company has already established in the rail industry.
“With plans also progressing for the firm’s move into the US market, we look forward to supporting Cyberhawk in this latest expansion phase for the business.”
SEP associate Andrew Carnwath said the banks’ new funding package would “facilitate the next stage of Cyberhawk’s exciting growth story”.
Cyberhawk, which currently employs about 50 people, plans to open an office in the US city of Houston later this year.