Investment aims to support product innovation, accelerate market penetration, bolster go-to-market infrastructure, and broaden partner ecosystem.
October 24, 2023 – Boston – AirWorks, a leading AI-powered mapping solution providing geospatial data processing and analytics, today announced a strategic growth investment led by PSG, a leading growth equity firm with a history of partnering with software and technology-enabled services companies to help accelerate their growth. PSG’s Adam Marcus, Managing Director, will join the Board of Directors. Existing investors also participated in the round.
AirWorks offers a platform that leverages artificial intelligence and machine learning to help provide effective and cost-efficient mapping products to project managers across a variety of verticals, including architecture and engineering, telecommunications and utilities, and government services. As the volume of geospatial data grows exponentially, AirWorks allows its customers to automate the historically manual data analysis process, empowering organizations across various sectors with actionable and insightful information derived from aircraft, drones, and LiDAR sensors. The company plans to use the investment proceeds to fuel all elements of AirWorks’ business, including continued product enhancements and innovation, expanded go-to-market infrastructure, accelerated market penetration in key verticals, and continued growth of AirWorks’ partner ecosystem.
“Our momentum reflects what we believe is a strong market opportunity for AirWorks and our mission to provide AI-driven data intelligence that helps to power the built world,” said David Morczinek, CEO and Co-Founder of AirWorks. “By partnering with PSG, I have no doubt that we will continue building a company with a product that helps to fundamentally change how customers analyze geospatial data and leverage AI to drive critical workstreams to completion. We’re excited to have PSG’s support as we continue to execute our strategic growth plans.”
“AirWorks has built an impressive product and market position, providing an innovative approach to a historically manual process with their differentiated AI-driven platform. We believe the AirWorks product will continue to help deliver great value for their customers and to drive further adoption of AI tooling within the geospatial data industry,” said Adam Marcus, Managing Director at PSG. “We’re excited to partner with the AirWorks team and are looking forward to leveraging our experience to help them continue to distinguish the company as a market leader.”
AirWorks empowers project managers to deliver more projects, faster. Our geospatial intelligence solution quickly produces geospatial products and analytics you can trust. By aiming to put reliable data in your hands, we give you the tools to help make the best decisions, reduce risks, and be more efficient. You can depend on our accuracy and quality to keep your team and clients happy, making it easier to grow your business as the market leader. Win more bids with AirWorks. For more information, visit http://airworks.io/.
About PSG Equity
PSG Equity (“PSG”) is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 130 companies and facilitated over 460 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Paris, Madrid and Tel Aviv. To learn more about PSG, visit www.psgequity.com.