INTERIM CTO & FRACTIONAL CFO
AirWorks, a spinout of the MIT Sloan Business School, utilizes Machine Learning to process multi-spectral aerial drone surveys for the building and construction industry. By integrating innovative technology into their operations, AirWorks exemplifies how cutting-edge solutions can enhance efficiency and accuracy in data analysis for the construction sector. This AirWorks case study highlights how an interim CTO and fractional CFO helped a growing business succeed.
CTO, CFO Services Case Study
AirWorks
“TechCXO gave us the Technical Executive that we needed at a critical transition in our business, and they continue to be fantastic partners as we grow and scale.”
OVERVIEW
AirWorks had an acute need for a technical Interim CTO to take over for the departing Lead Technologist inside a two-week notice period onsite in Boston.
AirWorks‘ builds automated software for civil engineering and land surveying professionals to extract value from UAV and other aerial datasets.
GOALS
AirWorks had an acute need for a technical Interim CTO. The firm also needed non-dilutive capital for expansion.
SOLUTION
TechCXO quickly completed the successful handoff of responsibilities and began building the technical department through the following steps:
- Hired First Line Management, Director of Engineering, Head of AI, and the Product Manager
- Hired Engineers for WebApp and Machine Learning teams
- Implemented Strategic Product Roadmap planning
- Implemented Quarterly OKR and career path planning
- Kicked off SOC-2
- Made introduction to successful Venture Debt funding
- Ongoing strategic Fractional CTO engagement
TechCXO also assisted with CFO services, including:
- Capital Raise
- Financial Due Diligence
- Transaction Readiness
- M&A
OUTCOME
AirWorks completed a minimally dilutive $2.5M Series-A round to expand runway, subsequently leading to 5x ARR growth, and a growth equity investment led by PSG.
