Terra Drone today raised $14 million in Series C funding from Saudi Aramco’s venture capital arm Waed Ventures, marking the VC firm’s first investment in Asia.
The Japan-headquartered developer of drone software, hardware and untethered aircraft traffic management software, the new capital, was founded in 2015. Since its inception in 2016, it has raised a total of $97 million in revenue. He declined to comment on the post-money review. According to sources familiar with the situation, the startup was valued at more than $200 million when TerraDrone closed in March last year. $70 million Series B.
The move is in line with Saudi Arabia’s Vision 2030 plan, which sets goals to reduce the country’s dependence on hydrocarbons and introduce drones into services. For example, fossil fuel companies in Saudi Arabia use Terra drone technology for inspections. Drones should detect things like oil spills. Saudi Aramco, the world’s largest oil producer, plans to increase fossil fuel production in the coming years, despite scientific consensus that such activities are damaging the Earth’s climate.
Tepe Seki, director of Terra Drone, told TechCrunch that the startup took part in last year’s Saudi Vision 2030 initiative by Saudi Aramco to pilot the country’s drones.
Saudi Arabia’s $500 billion Neom project covers 25,600 km2 The urban development project on the Red Sea and Gulf of Aqaba will use Unifly’s untethered traffic solutions for drones. TerraDrone is the largest shareholder in UniFly and will work to commercialize the NeoM project, which is expected to complete the first phase of the project by 2025.
With the recent funding, TerraDrone plans to establish a new subsidiary, TerraDrone Arabia, fully owned by TerraDrone and further promote drone inspections in the region. In addition, the company plans to further international penetration through the new office in Saudi Arabia in the Middle East and North Africa (MENA).
Terra Drone currently provides drone and UAM solutions to 10 countries. Denmark uses the Tera Drone Unmanned Aircraft Traffic Management (UTM) to transport blood and medicine through the Danish Health Drones and Health Drone Project. TerraDrone’s UT drone is certified by the International Registry of Shipping as a vessel inspection for inspection, the Japan-based startup said.
Since the last fundraising, the branch’s sales have grown by more than 50 percent, the company said.
Terra Drone CEO Toru Tokushige founded Terra Drone in 2016 to develop drone software such as global air traffic management to prevent collisions by enabling safe and efficient drone and urban air mobility operations.
“Backed by TerraDrone’s global track record, our investment represents a compelling attempt to build a UAM ecosystem in the Kingdom that embraces a sustainable economy,” said Fahad Alidi, Managing Director of Waid Ventures. “We anticipate rapid adoption of UAM technology in the region as a new technology platform, and Terra Drone is well positioned to offset its innovation in the region from the Kingdom.