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Drone Maker Declares Bankruptcy, Owes $243K Rent on Raleigh HQ
Raleigh Drone operator PrecisionHawk has filed for bankruptcy. A filing lists assets at $3.8 million and debts at nearly $17.6 million, including rent owed on its Glenwood South headquarters to the tune of $243,000.
The Triangle Business Journal reports that, at first, the company made drones programmed to chase birds away from vineyards. By 2012, it had expanded to other parts of agriculture with its drones scouting crops for farmers. The company expanded its technology scope, deploying sensors to help crunch data collected by its drones. It received a commercial waiver to fly drones beyond a pilot’s line of sight in 2015 and moved to Downtown Raleigh in 2019, promising to grow its headcount to more than 350 people. The company has raised as much as $90 million.
The bankruptcy filing shows more than 50 creditors. The filing also shows multiple employees are owed thousands in severance and unpaid commissions, as well as taxes owed in multiple states.
