Propeller has raised approximately $57.5 million in total funding across six rounds. The most recent funding was a $15.35 million Series B extension in April 2023, led by Blackbird Ventures and Costanoa Ventures.

Previous rounds include an $18 million Series B in July 2020 and a $10 million Series A in June 2018. Key investors include Blackbird Ventures, Costanoa Ventures, Sequoia China, Accel, Aware Super, and Canva co-founder Cliff Obrecht.

Propeller is a cloud-based drone mapping platform that transforms aerial imagery and sensor data into accurate 3D site models for construction, mining, and earthworks projects. Users fly drones over job sites, upload the captured images to Propeller's cloud processing system, and receive detailed volumetric measurements, cut-fill analysis, and progress tracking within 24 hours.

The platform consists of three key components. The capture layer includes compatibility with survey-grade drones and two proprietary hardware products: AeroPoints smart ground control targets that provide centimeter-level accuracy through integrated GPS receivers, and DirtMate sensors that mount on heavy machinery to stream real-time position and production data. The cloud processing layer handles photogrammetry and point cloud generation automatically, eliminating the need for specialized technical expertise. The visualization layer provides browser-based tools for measuring stockpiles, comparing site progress against design plans, and sharing interactive maps with field crews via mobile devices.

Construction foremen can measure stockpile volumes by simply clicking on the 3D model, while project managers can overlay design files to track earthwork progress and identify areas requiring attention. The platform integrates with existing CAD and BIM workflows, allowing users to export measurements and models to desktop software like AutoCAD and Trimble Business Center.

Propeller operates a B2B SaaS model with hardware integration, targeting enterprise customers in material-moving industries. The company generates recurring revenue through annual software subscriptions priced per drone, with their most popular unlimited plan allowing unlimited users, surveys, and data processing for a single aircraft.

The business model centers on democratizing drone data processing through cloud automation. Rather than requiring customers to learn complex photogrammetry software, Propeller handles all technical processing server-side and delivers simple measurement tools through a web browser. This approach eliminates the need for specialized training while ensuring consistent accuracy across all users.

Channel partnerships form a critical component of the go-to-market strategy. The company distributes through established equipment dealers like Trimble, leveraging existing relationships with construction contractors who already purchase GPS and machine guidance systems. This channel approach addresses the highly localized nature of earthmoving industries, where contractors prefer working with nearby suppliers who can provide immediate support when equipment fails.

The hardware components create additional value capture and switching costs. AeroPoints ground control targets and DirtMate machine sensors generate ongoing data that feeds into the software platform, creating a integrated ecosystem that becomes more valuable as customers adopt multiple components.

Skydio represents the strongest competitive threat through their end-to-end approach combining autonomous drones with integrated mapping software. Their U.S.-manufactured aircraft benefit from federal procurement preferences and defense contracts, while their Skydio 3D Scan platform offers similar cloud processing capabilities. Skydio can bundle hardware and software sales, potentially undercutting Propeller's subscription model through hardware-subsidized pricing.

DJI Terra continues dominating global markets despite federal restrictions, offering photogrammetry processing at significantly lower total cost when combined with DJI's sub-$5,000 drones. While regulatory headwinds limit DJI's U.S. government market access, private contractors outside the United States still gravitate toward the integrated DJI ecosystem for price-sensitive applications.

DroneDeploy competes directly in the device-agnostic cloud processing space, offering unlimited data processing with tiered pricing based on advanced features. Their tight integration with DJI flight planning and drone-in-a-box solutions creates seamless workflows, though they lack hardware differentiation comparable to Propeller's AeroPoints accuracy enhancement system.

Pix4D and Bentley Systems target more technical users requiring granular control over processing parameters. While these platforms produce equivalent accuracy to Propeller, they demand significantly more expertise to operate effectively. Pix4D functions more as a processing tool than an analysis platform, requiring users to export results to other software for measurement and reporting.

Companies like Airworks are building AI layers on top of processed drone data to automatically generate CAD outputs and detect site features. While currently dependent on high-quality input data, these platforms could eventually integrate backwards into data processing, potentially commoditizing Propeller's core photogrammetry capabilities through automated workflows.

The launch of DirtMate IoT sensors expands Propeller beyond episodic drone surveys toward continuous site monitoring. By streaming real-time machine positions and production data, DirtMate transforms the platform from periodic mapping to daily operational intelligence. This positions Propeller to capture value from the broader $10 billion construction telematics market rather than just drone survey software.

Smart Surveys functionality combines drone imagery with machine sensor data to create comprehensive site intelligence. Contractors can overlay daily production heat maps on weekly drone surveys, identifying productivity bottlenecks and optimizing equipment deployment. This integrated approach differentiates Propeller from pure-play drone mapping competitors.

The Trimble Stratus partnership white-labels Propeller's platform for distribution through 200+ Trimble dealers worldwide. This instantly provides access to Trimble's installed base of contractors already purchasing GPS, machine guidance, and surveying equipment. The dealer channel addresses the localized nature of construction relationships while leveraging existing customer trust.

Partnerships with multiple drone manufacturers including Wingtra, Quantum Systems, and maintained DJI compatibility ensure Propeller can serve customers regardless of their hardware preferences. This hardware-agnostic approach prevents vendor lock-in concerns while expanding addressable market beyond any single aircraft ecosystem.

European market expansion capitalizes on infrastructure stimulus spending and less restrictive beyond-visual-line-of-sight regulations. The regulatory environment enables larger-scale autonomous surveys that increase per-project value while reducing operational complexity.

Mining and aggregates sectors offer significant expansion opportunities due to regulatory compliance requirements. Monthly inventory reconciliation mandates create predictable recurring usage, while the high-value nature of mining operations reduces price sensitivity. These customers often expand from compliance-driven monthly surveys to operational optimization applications.

DJI dependency: Despite hardware-agnostic positioning, Propeller remains heavily dependent on DJI drones that dominate the sub-$10,000 commercial market. Federal restrictions on Chinese technology could force customers toward more expensive alternatives like Skydio or Wingtra, potentially reducing Propeller's addressable market or requiring significant customer acquisition cost increases to overcome higher hardware barriers.

Channel conflict: The Trimble partnership creates potential tension as Trimble develops competing drone capabilities within their own software ecosystem. While currently complementary, Trimble could eventually internalize drone processing capabilities or prioritize their own solutions over Propeller's platform, threatening a key distribution channel and customer acquisition mechanism.

Commoditization pressure: As photogrammetry processing becomes increasingly automated and cloud infrastructure costs decline, the core technical differentiation between drone mapping platforms continues to narrow. Competitors with deeper pockets could offer similar processing capabilities at lower prices, forcing Propeller to compete primarily on features and integrations rather than technical superiority.