Raleigh-based drone operator, PrecisionHawk, has recently filed for bankruptcy with assets totaling $3.8 million and debts amounting to nearly $17.6 million. The company’s headquarters in Glenwood South owes rent of $243,000.
According to the Triangle Business Journal, PrecisionHawk initially specialized in producing drones designed to scare birds away from vineyards but later expanded its services to include crop scouting for farmers using their advanced drone technology and sensors. In 2015, the company received a commercial waiver allowing them to fly drones beyond a pilot’s line of sight and relocated its headquarters from Downtown Raleigh with plans of increasing their workforce by over 350 employees by 2019. To date, PrecisionHawk has raised up to $90 million.
The recent bankruptcy filing reveals that there are more than 50 creditors involved and several employees who are owed severance pay as well as unpaid commissions and taxes across multiple states.
