Spotlight

Insitu

Sector: Industrial Technologies
Stage: Growth
Location: Bingen, WA
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Insitu is the leading provider of mid-sized Unmanned Aerial Vehicles (UAVs) for highly sophisticated surveillance and reconnaissance at a fraction of the cost of high-end UAVs
When Battery met them, the company had recently pivoted from a focus on civilian applications such as monitoring tuna migrations for commercial fisherman,, to serve the Intelligence, Surveillance and Reconnaissance (ISR) market
Battery saw the opportunity for an “off-the-beaten-path” Venture investment, and believed the team and technology had great promise for a large, strategic and growing segment of military applications

The cash infusion improved the company’s working capital situation, offered protection against anomalies in contract timing, and added leverage for important strategic partner negotiations
As an active board member, Battery helped to guide and finance the development of a larger UAV platform and thoughtful expansion into new markets and applications
The team also assisted in executive searches for both the CTO and CFO positions

In under 3 years Insitu grew to an over $100M revenue run rate, and into the position as the leading provider of UAVs for highly sophisticated surveillance and reconnaissance.
Acquired by Boeing in 2008