Company Profiles Insurance and Spatial M&A Screening

Delivered January 19th, 2018. Contributors: Annette R., Sarah M., Joshua M. and

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Company Profiles - Inspection & Repair Scope & Mitigation Automation

While there is no pre-existing information to fully answer your question, we've used the available data to pull together key findings of the areas for each of the companies listed. Accurence has an estimated revenue of $4.9 million. Moisture Mapper International core markets served are insurers and contractors. Spex did have $875,000 in first round funding of the $1.25 million they opened it up to.  They were also acquired by J.S. Held in May 2017. The attached spreadsheet includes detailed information on these companies. 

Below you'll find an outline of our research methodology to better understand why the information you've requested is publicly unavailable, as well as a deep dive into our findings. 
METHODOLOGYAn extensive search of the public domain revealed no revenue information, including EBITDA and valuation due to the fact that each of the companies is privately held and are not required to publish the information. Our search included Hoovers, Crunchbase, Owler, Bloomberg, and searches based on each company and its annual report. In addition, we searched LinkedIn to find any available company data. 
HELPFUL FINDINGS Accurence 
We were able to locate an estimated revenue of $4.9 million.  Information on the company EBITDA and valuation was publicly unavailable. 

 MICA  
The company is a subsidiary of Build Fusion, Inc. Both companies are privately held and any revenue, EBITDA, and valuation were publicly unavailable.  We did search LinkedIn and were only able to find one employee that was linked to the company and that was the CEO of both Build Fusion, Inc. and MICA.  The company website does have posted on the top of its page that the company has been acquired by Netgear Solutions. 

 Moisture Mapper International 
The company is a privately held company. Employee information was not publicly available from the company website or other resources.  As this is a private company we were unable to locate reports with revenue, EBITDA, or valuation as it was not publicly available. The core markets that Moisture Mapper serve are insurers and contractors who will use this repeatable documentation system for water damage insurance claims. While market share was not publicly available, the company boasts of having thousands of customers and has been in business since 2012. We were unable to locate competitors with the same product type.

 Spex 
The company is a privately held company and information on revenue, EBITDA, and valuation was not publicly available.  We were able to confirm funding information at $875,000 of $1.25 million offered in the venture series funding.  Additionally, J.S. Held acquired Spex in May 2017. J.S. Held made a significant investment in the company and will become the majority owner, however, Spex will continue to operate under current management. 
CONCLUSIONDespite the limited capabilities of obtaining data on privately held companies, we've found information on the revenue of Accurence at $4.9 million.  In addition, we were able to determine the core market for Moisture Mapper International to be insurers and contractors. Lastly, we were able to confirm the funding amount for Spex at $875,000 and they were acquired by J.S. Held with an undisclosed investment amount.  Additional company information on these companies is publicly unavailable. The attached spreadsheet includes information obtained from each company. 

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Company Profiles - Imagery Modeling and Data Extraction

While there is no pre-existing information to fully answer your question, we've used the available data to pull together key findings of the areas for each of the companies listed. Cape Analytics revenue is estimated at $1 million. Hover has $4.2 million in revenue. Pix4D revenue is estimated at $13.6 million.  The attached spreadsheet includes detailed information on these companies. 

Below you'll find an outline of our research methodology to better understand why the information you've requested is publicly unavailable, as well as a deep dive into our findings. 
METHODOLOGY An extensive search of the public domain revealed no revenue information, including EBITDA and valuation due to the fact that each company is privately held and is not required to publish the information. Our search included Hoovers, Crunchbase, Owler, Bloomberg, and searches based on each company and its annual report. In addition, we searched LinkedIn to find any available company data. 
Helpful Findings Cape Analytics
We were able to locate an estimated revenue of $1 million. It is reported that they have approximately 10 employees. Valuation information was available on Pitchbook with a purchased account.  Information on the company EBITDA and valuation was publicly unavailable due to Cape analytics being a privately held company. 

 Hover 
The companies estimated revenue is $4.2 million. The approximate number of employees is between 55 and 115.  LinkedIn listed 115 employee connections but some of them were not current and others were just advisors and not employees. Due to Hover being a private company, information on the company EBITDA and valuation was publicly unavailable. 

 Pix4D 
The estimated revenue for Pix4D is $13.6 million.

 Skymatics 
Any financial information on this company was publicly unavailable because Skymatics is a privately held company. 
CONCLUSIONDespite the limited capabilities of obtaining data on privately held companies, we've found information on the revenue of Cape Analytics at $1 million, Hover at $4.2 million, and Pix4D at $13.6 million.  The employee count for Cape Analytics was 10 and for Hover it was estimated to be between 55 and 115 based on two different sources. Additional company information was publicly unavailable. The attached spreadsheet includes information obtained from each company. 

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Company Profiles - Imagery Acquisition and Processing Pt. 1

The provided spreadsheet has been updated with information on Airware, BetterView, Converge, DroneDeploy, Fluttrbox and Geomni. I have summarized what I found below.

FINDINGS

AIRWARE

I was able to confirm that the ownership structure described in the spreadsheet was correct using this profile of Airware from Crunchbase. However, I found that there is no data available online regarding Airware's post-money valuation. For example, it's profile on Ediquate leaves this section blank. Its revenue is confirmed at $7.3 million. In addition to this, the company is private, and therefore does not publish details of its financials such as its EBITDA. Also, its potential valuation of $190 million confirmed.

BETTERVIEW

I was able to confirm that the ownership structure described in the spreadsheet was correct using this profile of BetterView from Crunchbase. Unfortunately, there is no information available on BetterView's post-money valuation. For example, their profile on Equidate leaves this blank. BetterView's revenue is estimated to be $1 million. In addition, this source tells us that BetterView are a private company and therefore they do not publish information on their financials, such as their EBITDA. The company valuation is estimated at $8-12 million, and no post-money evaluation not available.

CONVERGE

I was able to confirm that the Converge founders are two MIT graduates who are recognized leaders in the drone industry. In addition, I found that Converge are differentiating themselves by focusing on creating drones to benefit the forestry services vertical. The company are looking to completely dominate in this sector. I was also able to confirm that their annual revenue is an estimated $1 million. Also, the company is private, therefore no EBITDA is available.

DRONEDEPLOY

I was able to confirm that the ownership structure described in the spreadsheet was correct using this profile of DroneDeploy from Crunchbase. I also confirmed that they have an estimated revenue of $1 million. Also, EBITDA is not available because company is private. DroneDeploy also has an estimated valuation of $83.3 million.

FLUTTRBOX

Fluttrbox has an estimated revenue at $3.9 million. The company is private so no EBITDA is available. After a thorough search I was also unable to find any source that gave a company valuation, this is perhaps because its financials are private.

GEOMNI

Geomni is part of Verisk. Verisk publish their financial results but do not break this down in terms of what is being generated by Geomni specifically. Therefore, we can not determine the revenue or EBITDA of Geomni. We do know that the annual revenue of Verisk is $1,995 million, and that its EBITDA for 2016 was $1,005 million.

FTE (Full-Time Equivalent) was not available for any of the companies. I investigated how to calculate this using this article, however the necessary data to allow me to calculate this was also not available.

CONCLUSION

Overall, I have been able to confirm most of the information that already existed in the spreadsheet. In some cases I have been able to update valuations (e.g. BetterView $8-12 million) and revenues (e.g. Fluttrbox $3.9 million), in addition to finding extra information on key capabilities and differentiation.

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Company Profiles - Imagery Acquisition and Processing Pt. 2

IntroductionInformation on #FTE and EBITDA was updated for the companies Skycatch, DroneDeploy, PrecisionHawk, and Geomni. All the information investment, revenue, and FTE has been updated in the attached spreadsheet. Revenue and venture capital information was readily found while some FTE and EBITDA was unavailable.
ModificationsCrunchbase is a source that compiles venture funding information, including the rounds, leading investor, total investors, and total amount raised for a variety of startups. Skycatch and DroneDeploy were missing that information so I completed those sections using Crunchbase. Owler is similar to Crunchbase but they compile much more information on businesses including an estimated revenue. DroneDeploy’s information was gathered from Owler.

Geomni is owned by Verisk. The EBITDA and revenue listed in the chart is for Verisk, which is stated and found on their official site. Other EBITDA was not available as well as FTE. The information required to calculate FTEs, such as the amount of part-time employees and amount they work, was also unavailable. I attempted to find the post money valuation for PreNav. The data wasn’t available on any free sources, however this source may prove useful if you have access to this database.
ConclusionThe information that was publicly available and accessible was added to the chart whereas the missing information was noted as such.

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List of Imagery Acquisition and Processing Companies

There is a good deal of imagery acquisition and processing companies that provide a wide variety of different services.  We have identified seven of these companies below. 
GeoVantage Inc. GeoVantage is a private company in Massachusetts that is a subsidiary of John Deere Agri Services, Inc. The company takes direct-digital and multi-spectral images.  It uses a military grade inertial measurement unit and global positioning navigation. GeoVantage can capture color that is natural, ortho-mosaiced, and near infrared. GeoVantage has applications for forestry, oil and gas, agriculture, environmental, and urban planning. The company is estimated to have $3.5 million in revenue and 50 employees. 
Auracle Remote Sensing Auracle is a privately held company from Kelowna, British Columbia. The services it provides are the acquisition of remote sensing and geospatial technology data. The company acquires data, process images, spatial analysis and geographic information systems. Auracle's customers include mining, oil and gas, forestry, and agricultural. As they are a private company, additional data were not publicly available. 
Aerial Surveys International Aerial Surveys is a privately held company out of Watkins, CO. The function of the company is to acquire digital aerial images and large format film.  The companies service include aerial surveying, lidar imaging, film processing and printing, scanning services, airborne GPS, and post-processing. It is estimated that Aerial Surveys generates nearly $800,000 in revenue and has approximately 6 employees. Additional revenue data or annual reports were not publicly available. 
SANBORN Sanborn is a privately held company in Colorado Springs, Colorado. The company is in the business of acquisition and processing of aerial imagery.  They just recently added 35 new datasets of oblique imagery.  In 2016, they captured 2.5 million images.  Sanborn's clients include agricultural, forestry, government, engineering, insurance, media, military, mining, oil and gas, and security. It is estimated that the company revenue is $7.2 Million revenue and they have 133 employees. Additional revenue data or annual reports were not publicly available. 
2d3 Sensing 2d3 Sensing is a privately held company that was acquired by Boeing in April 2015 and is now a subsidiary of Boeing.  The company was founded in 1999 and its headquarters are in Irvine, California. The company uses aerial platforms to processing motion imagery. 2d3 Sensing clients include Boeing, U.S. Air Force, and commercial customers. Estimated revenue for 2d3 Sensing is $5 million and they have 40 employees. Additional revenue data or annual reports were not publicly available. 
Applied Ecological Services (AES)AES is a private company based in Hoboken, New Jersey.  It uses its flight services to obtain aerial imagery using a high-resolution, multi-spectral orthophotography.  The company captures digital oblique images from time flights using its fleet of fixed-wing aircraft. 
Its client areas include government, energy, infrastructure, land development, landfill, mining, and non-profit. Revenue is estimated to be between $20 and $50 million and they employ around 50-99 employees. Additional revenue data or annual reports were not publicly available. 
I-cubedi-cubed is a privately held company in Fort Collins, Colorado that was formed in 1993. They offer imagery, analysis, and distribution of geospatial data.  Its clients include aviation, defense, broadcast, engineering, environment, oil and gas, transportation, electric power, and telecom. The company is estimated to have $3 million in revenue and 32 employees. Additional revenue data or annual reports were not publicly available. 
CONCLUSIONIn summary, we have identified 7 companies that provide imagery acquisition and processing in its business. Each of the companies included information regarding its business, revenue, and employees with the publicly available data. 

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List of Imagery Modeling & Data Extraction Companies

There is a good deal of imagery modeling and data extraction companies that provide a wide variety of different services.  We have identified seven of these companies below. 
Verisk Insurance Solutions Verisk provides predictive analytics and support solutions to its clients in several categories. These are rating, underwriting, claims, catastrophe and weather risk, and global risk.  The company is different from competitors by being a first-to-market innovator by helping its customers with wise risk decisions and operating with better precision, efficiency, and discipline. The company captures high-quality imagery data. Some of their customers include property insurers and building professionals. Verisk revenue is estimated to be about $2 billion.  
Big Data Earth Big Data Earth provides advanced image processing and extraction.  The company provides terrain and geomorphological modeling, GIS, applied mathematics, machine learning, mapping and visualization, predictive analytics, and environmental/geophysical modeling and simulation. The company stands out from its competitors because it has integrated information delivery on its products with unique insights and metrics. Clients of Big Data Earth is in agriculture, natural resources, property location, insurance, security, news, and media. It provides services to both domestic and international data producers, including those with massive geospatial data. Big Data Earth provides services to the United States, Australia, and many other countries. Revenue data for Big Data Earth was not publicly available. 
4D Mapper 4D Mapper has the capability to turn drone inspection photos into 3D models.  It can visualize and analyze using state-of-the-art tools in the cloud. The company can provide mapping, inspection, file management, photogrammetry, digitization, and sharing which allows them to collaborate with others. 4D Mapper stands out from its competitors with its crowdsourcing data ability with emergency services, drone operators, aerial and satellite imagery. The companies list of clients includes insurance and disaster management, environmental consultants, farmers, and agronomists. Revenue data for 4D mapper was not publicly available. 
DRONE DEPLOY Drone Deploy provides a variety of services including automated flight, fast map processing, 3D models with elevation, and instant measurements. The company stands out from competitors with its new drone mapping.  This is a new tool for inspection and allows clients to take high-resolution views of its sites. Drone Deploy clients are in the fields of construction, agriculture, inspecting, mining, and drone services. Two of its customers include DJI and Dronotec. The estimated revenue for Drone Deploy's revenue is estimated at $1 million and they have 67 employees. 
Sanborn Sanborn started in the business of providing insurance maps and has evolved.  The company offers photogrammetric mapping and geographic information system (GIS) services. They boast of an outstanding customer support department. It has developed oblique analyst software with an imagery viewer. Sanborn stands out from its competitors with its customer support quick responses, extensive resources, and local presence. The clients of Sanborn include agriculture, insurance, engineering, forestry, government, media, military, mining, oil and gas, and security. The revenue is estimated to be $31.34 million. 
AIRWARE Airware has solutions for digitally translating aerial data to impact businesses. Airware integrates new data with existing information and workflows for improved efficiency, safety, and productivity.  The company differentiates from its competitors by providing commercial drone applications so insurers can rapidly collect comprehensive images of properties for the policyholder. Industries that Airware has clients are mining, quarrying, construction, commercial and residential insurance, and property management. Airware's estimated revenue is $7.3 million and has an estimated 74 employees. 
ADVANCED RISK ANALYTICS Advanced Risk Analytics provides a framework for risk assessment, GIS and image processing, statistical modeling, and consulting availability. The company differentiates from its competitors by its efficient processes that use minimal capital. The company has tools to successfully analyze risk withing minutes.  Another feature that makes the company stand out is its ability to predict future loss from earthquake assessment. Advance Risk Analytics does not include the types of clients it pursues on the website. Revenue information for Advanced Risk Analytics was not publicly available. 
ConclusionIn summary, we have identified 7 companies that provide imagery modeling and data extraction for its business. Each of the companies included information regarding its business, revenue, and employees with the publicly available data. 