Innovate Indiana Fund part of $10 million PrecisionHawk investment round

Posted on September 18th, 2014 | By Bill W. Hornaday


PrecisionHawk, an IU-funded venture that deploys unmanned aerial vehicles (UAVs) to collect and process data for various commercial users, today disclosed a second round of funding that totals nearly $10 million.

The Innovate Indiana Fund, which led the company’s Series A funding, participated in the Series B financing round as well. The round was led by New York City-based Millennium Technology Value Partners.

“Our fund is excited to see the progress PrecisionHawk has made since we led the Series A round, both in the sophistication of the product and service and in the market adoption of the platform,” Innovate Indiana Fund Managing Director Ken Green said.

“This new round of funding validates the vision we saw when we were first introduced to the company two years ago, and we are very happy to have a quality firm like Millennium Technology Value Partners as part of the team.”

PrecisionHawk serves more than 50 clients in such industries as agriculture, energy, forestry, government, and environmental science. Its chief operating officer, Pat Lohman, holds an M.S. from Indiana University in kinesiology and ergonomics.

The company, which recently won an Indiana Innovation Award, has offices in Noblesville, Ind.; Raleigh, N.C.; and Toronto, Canada. Some of the new proceeds will help PrecisionHawk double its workforce and open a third U.S. office in College Station, Texas.

The Innovate Indiana Fund is managed by the Indiana University Research and Technology Corp. It provides early-stage capital to companies with an IU connection and assists in such areas as technology assessment, market analysis, planning, product development, sales strategy and customer acquisition.

Learn more about PrecisionHawk and its latest round of funding here.

Carley joins OVPE as Assistant Director for Economic Development

Posted on September 15th, 2014 | By Bill W. Hornaday

Joe Carley

As the newest member of the OVPE team, Joe Carley brings 10 years of combined planning, zoning and economic development experience in three states to Innovate Indiana’s mission of fostering statewide economic growth.

In his role as Assistant Director for Economic Development, Carley — a recent graduate of Indiana University’s Maurer School of Law — works closely with Kirk White, who serves as OVPE’s Assistant Vice President for Strategic Partnerships.

Some of Carley’s early efforts include working with Bloomington leaders who envision a technology “corridor” that would extend from the City of Bloomington’s Innovation District downtown along 10th Street to the IU Technology Park. He is also working to support land-use and economic development studies focused on the new Interstate 69 corridor in southwest Indiana and the Naval Surface Warfare Center near Crane.

“We’re hoping to find ways to make these areas more connected with prospective employees and the overall work force so we can maximize the opportunities that I-69 may bring,” Carley said.

 Read more about Joe and his background here.

Fall lecture series at IU South Bend focuses on innovation, creativity and inspiration

Posted on September 12th, 2014 | By Bill W. Hornaday

The Judd Leighton School of Business and Economics at Indiana University South Bend recently launched its 12th Annual Entrepreneur Lecture Series, with this fall’s theme titled “Entrepreneurship: Inspiring Creativity and Innovation.”

Each lecture begins at 7 p.m. each Thursday through Nov. 13 in Room 1011 of IU South Bend’s Education and Arts Building (shown above) at 1002 S. Esther St., with parking lots available nearby. The series features many of northern Indiana’s premier business organizations and key leaders, and their insights on today’s business environment.

Learn more about the Entrepreneur Lecture Series and its upcoming speakers and topics here:

IU-funded UAV developer PrecisionHawk wins Indiana Innovation Award

Posted on September 12th, 2014 | By Bill W. Hornaday


PrecisionHawk, an IU-funded venture that uses unmanned aerial vehicles (UAVs) and plug-and-play sensors to collect and process data for various commercial uses, is one of 10 Indiana Innovation Award winners for 2014.

Presented by Centric, Indy’s Innovation Program, the award honors companies with Indiana operations that have launched a successful or innovative product or service within the past three years. One hundred companies were nominated for the awards, now in their fourth year.

The Innovate Indiana Fund, administered by the Indiana University Research and Technology Corp. (IURTC), is among PrecisionHawk’s lead investors. Data collected by the company’s UAVs are used in such industries as agriculture, oil and gas, insurance, forestry and utilities, and in such applications as environmental science, geology and disaster response.

Read more about PrecisionHawk here:

Encouraging Hoosier innovation through Sen. Coats’ proposed TRANSFER Act

Posted on September 10th, 2014 | By Innovate Indiana

Senator Dan CoatsRecognizing the contributing role Indiana’s research universities play in introducing innovative technologies and spurring economic growth, Indiana’s Senator Dan Coats recently co-introduced bipartisan legislation designed  to enhance the effectiveness of the Small Business Technology Transfer (STTR) program.

The Technology and Research Accelerating National Security and Future Economic Resiliency (TRANSFER) Act would facilitate proof-of-concept research and other innovative technology transfer activities at universities, research institutes and federal laboratories, to accelerate the commercialization of federally funded research and technologies.

The bill builds on the existing STTR program by opening grant opportunities to early-stage concepts and technologies, directly benefiting Indiana’s state universities and research institutes as they strive to overcome significant hurdles faced in transitioning nascent research and technologies into the marketplace.