Penn-focused venture firm Chestnut Street Ventures just made the first investment from its inaugural fund on San Francisco-based drone inspection company BetterView.
Though financial terms of the deal were not immediately disclosed, the VC firm’s standard investment is in the $200,000 range.
David Lyman, the CEO and cofounder of BetterView who’s a Penn grad, said the company will use the cash to continue the development of its platform, which offers real estate, construction and enterprise clients access to drone-based visual inspections that are then turned into specific reports (like thermal scans and roof inspections).
According to Lyman, the company has a network of 4,400 drone pilots across the U.S. Nine full-time staffers including Lyman and cofounder David Tobias work out of the company’s San Francisco headquarters.
Last year, the company raised $1.55 million from firms like Los Angeles-based Arena Ventures, New York City-based Metamorphic Ventures and accelerator 500 Startups.
Gail Gilbert Ball, managing partner for the investment firm, was quick to point to BetterView’s “great traction” when we asked why it earned the honor of being the first investment.
“Since we invested they have started an extended pilot/trial relationship with a new major carrier, they have been in New York City meeting with new divisions of the global carriers with whom they have been working on and March is running at a record rate for the the transaction services revenue,” said Ball.
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