Oakville, Ontario, Canada
Region: CA 🇨🇦
Year Founded: 2015
IPO Date: 09-02-2023
Market Cap: $55.85 million
Number of Employees: 6
Revenue: $0.7 million (2021)
Net Income: -$0.21 million (2021)
Droneify Holdings Ltd.
Droneify was founded on March 20, 2015, and has been actively operating since then. The company’s most recent funding round took place on September 29, 2022, when they raised $250,000.
The total funding received to date is $250,000. Recently, in February 2023, Droneify Holdings filed for an initial public offering (IPO) in the United States, aiming to raise $6 million.
They intend to offer approximately 923,000 shares at a proposed midpoint price of $6.50 per share. This would result in an enterprise value of approximately $49.5 million, excluding the effects of underwriter over-allotment options.
Company Overview & History
Droneify is a technology company based in Oakville, Canada, that specializes in developing drones for geolocation mapping.
The firm was established with the purpose of providing drone service, analytics, and hardware for a variety of industries that require inspections and related services.
The company’s primary offerings include drone solutions (services), data analytics (software and data tools), and drone hardware, which includes advanced hardware for heavy industry and military applications.
Droneify has shown consistent growth over the years, with a fair market value investment of $4.6 million as of June 30, 2022.
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Droneify’s business model is centered on providing drone services, data analytics, and drone hardware to various industries, including utilities, energy, infrastructure, and construction.
Their services are particularly popular for inspections, mapping and surveying, and other specialized imaging use cases.
They have been successful in reducing their general and administrative expenses as a percentage of total revenue as revenues have increased, which shows operational efficiency and cost management skills.
Market Cap Over the Years
Droneify is likely to face risks such as technological obsolescence, competition, regulatory hurdles, and market acceptance of their products and services.
The drone industry also faces specific risks like privacy concerns, safety issues, and potential restrictions or regulations on the usage of drones.
The market for commercial drones has been growing at a rapid pace. A 2021 market research report by Grand View Research estimated the global market for commercial drones to be $13.4 billion in 2020, with a forecasted growth to $509 billion by the end of 2028.
This represents a forecast compound annual growth rate (CAGR) of 57.5% from 2021 to 2028. The main drivers for this expected growth are the strong demand in the real estate and construction industries and the increasing sophistication in the application of technologies for specific use cases.
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Key/Fun Company Facts
- Droneify is a technology company that specializes in developing drones for geolocation mapping2.
- The company was founded on March 20, 2015, and is currently active.
- The headquarters of Droneify is located in Oakville, Ontario, Canada.
- Droneify has raised a total of $250K in funding.
- The company’s last funding round was on September 29, 2022.