- The 5×5 Technologies recently declared that the first tranche of about USD 6 million round of Series B funding with Safar Partners has closed.
- The Series B funding will boost the growth of 5×5’s Ávrio Compute and Reality CAD data analysis platforms.
5×5 Technology is a leading provider of spatial computing in asset management by incorporating 3D computer vision and artificial intelligence (AI). The company has declared that the first tranche of USD 6 million round of Series B funding with Safar Partners has closed. The company is also well known for drone-collected data analysis.
The Series B funding will boost 5×5’s Ávrio Compute Engine and Reality CAD data analysis platforms that ingest drone collected data. It also uses photogrammetry to modernize the high-fidelity 3D digital twins. This is all done using the company’s volumetric georeferencing tools.
The 5×5 reconstructed over 1,300 digital twins for its clients comprising engineering industries, tower owners, and carriers in the US. The company is presently expanding its roots in the Middle East and Europe.
Robert McCoy, Drone Champion Unmanned Aerial Systems Program Manager at Crown Castle, commented, “The digital twins of our towers that 5×5 creates are precise, high resolution models that allow us to make faster, more accurate business decisions for our carrier customers.”
Series B, combined with a Jump Start Award from Amazon Web Services (AWS), will also allow the company to boost the development of its 3D spatial computing technology. Thus, assimilating AI and machine learning (ML) with 3D spatial computing technology will allow device identification, change detection, and automation of other mission-critical analytics.
Arunas Chesonis, the Managing Partner of Safar Partners Fund, commented, “We are excited to join 5×5 on its journey to reimagine inspection of physical assets in the field. 5×5’s market potential is so large because it includes all wireless towers, infrastructure assets like bridges and buildings, and utilities infrastructure. Its business model is promising.”
Anne Zink, Chief Executive Officer/Co-Founder 5×5 Technologies, commented, “Our proven data collection standard operator procedures (SOPs) combined with our proprietary workflows and our Ávrio Platform make utilizing drones at large scale for asset management a reality.” Further, Zink added, “Our partnership with AWS and Safar Partners will allow us to accelerate delivering even greater insights to our customers.”