Toronto-based SkyX is a company that is known for developing autonomous vehicle technology, which has raised $9.5 million in Series B funding. This round of funding was led by Almond Tree Enterprise, an umbrella company that represents the business interests of the Mark and Lindy Mandelbaum family.
Founded in 2015, SkyX’s drones utilize sensors to gather high-resolution data in order for its clients to monitor oil and gas pipelines. SkyX has a subscription-based price model that enables its clients to reduce maintenance and monitoring costs. And its technology increases the visibility, integrity, and safety of their assets.
Plus SkyX is able to detect and report leaks during the day or night and scan for right-of-way violations. If there is vegetation encroachment, then SkyX is able to report it right away.
From an environmental standpoint, SkyX is able to help clients reduce their emissions caused by inefficient monitoring processes. And it helps prevent groundwater contamination by increasing inspections and faster alerts.
SkyX has raised roughly $15.8 million USD ($20 million CAD) in total funding thus far. And China-based Kuang-Chi Group was a previous investor. With this round of funding, SkyX plans to execute upon contracts with clients and push forward with strategies for supporting demand from oil and gas companies worldwide.
“SkyX has shown tremendous growth since the company was founded,” said Almond Tree Enterprise president and CEO Mark Mandelbaum in a statement. “The company’s amazing technology and continuous product innovation, coupled with its ability to assemble world-class executive and engineering teams at this early stage in the company’s life cycle, is a testimony to its incredible promise and growth potential. SkyX is a true leader in the drone data revolution.”
SkyX’s founder and CEO Didi Horn said that the company is in talks with big energy companies around the world that are interested in using its services. The company is seeing daily requests for trials and demos.