New Delhi, Oct 1 (PTI) A start-up in the field of drone technology has raised USD 1 million to lead defense drone innovation and global expansion, according to an official statement issued on Tuesday.
IG Drones, which stands at the forefront of drone technology and AI, specialises in drone manufacturing and R&D and provides services like surveying, mapping, and inspection, it said.
It has a track record of partnering with the Indian Army, multiple state governments, and over 100 large enterprises, and has executed more than 500 projects, cementing its reputation as an industry leader, the statement said.
"IG Drones, India's leading drone tech and AI company, has successfully closed its initial funding round, securing a substantial investment of USD 1 million at an undisclosed valuation," it added.
The first funding round was led by India Accelerator and Angel Investors marking a significant milestone in IG Drones' journey in the industry.
"A significant portion of the funding will be allocated to advancing research and development, focusing on creating state-of-the-art drone solutions tailored for defense applications," the statement said.
This endeavour will involve collaboration with international companies specialising in the defense and aerospace sectors.
"It also plans to raise an additional USD 3 million over the next six months to further expand its operations in India and globally," the statement said.
India's drone market is poised for exponential growth, with projections indicating it will reach nearly Rs 2.5 trillion by 2030. This is a remarkable leap from its size of just Rs 29 billion in 2020, reflecting the rapid expansion of the industry over the past decade, it said.
Notably, the defense sector emerges as the primary contributor to this growth, underscoring its pivotal role in driving the evolution of the drone market in India.
The start-up was initially supported by the Ministry of Electronics and Information Technology.
"Our focus remains on innovation and R&D, talent acquisition, and global expansion. We are poised for exponential growth this year, solidifying our position as leaders in drone tech and AI. This first round of funding will provide the necessary boost for the brand's advanced R&D in drone technology," Bodhisattwa Sanghapriya, Founder and CEO of IG Drones, was quoted as saying in the statement.
The drone-tech company has built India's first 5G drone and has been working with the defense sector as well as other leading companies. IG Drones' Kisaan is revolutionising the agricultural sectors by supporting farmers with cutting-edge solutions, it said.
Aligned with national initiatives, IG Drones has established the Drone Centre of Excellence (CoE) to educate and empower India's youth in drone technology and has signed an MoU with institutes like IIT-Bhubaneswar and IIM-Sambalpur, it added. PTI KND NB
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