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US-based drone technology provider PrecisionHawk has raised $32m in Series E funding round from venture investors.

The investors include Millennium Technology Value Partners, Third Point Ventures, Eastward Capital Partners, and others.

PrecisionHawk will use the investment to continue enhancing its software tool and PrecisionAnalytics, which uses artificial intelligence/machine learning.

It will also facilitate PrecisionHawk’s next phase of unmanned aerial vehicle (UAV) deployments.

Currently, several enterprises are looking for technology that will consistently deliver quality and data collection for actionable insights, as well as operate safely within the US’ existing national airspace system.

PrecisionHawk CEO Michael Chasen said: “This is an exciting time at PrecisionHawk and the commercial drone industry overall as the adoption of drones continues to grow at exceptional rates.

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“Our unique software and services deliver incredible value to our customers, equipping them with the highest level of aerial intelligence to meet their current and future asset management and operating needs.

“We are pleased with this latest round of funding which will help us better address this surging demand, particularly in the energy and agriculture markets, and lead us into sustained profitability and growth.”

PrecisionHawk has so far secured more than $130m from venture capital firms, including Millennium Technology Value Partners and Third Point Ventures.

Founded in 2010, PrecisionHawk has played a major role in the development of policy and technology efforts to help adopt commercial drone technology.

The US Federal Aviation Administration (FAA) has predicted that commercial drone industry could triple by 2023 with an estimated 823,000 drones in operations.