Drone startups: Drone technology startup UrbanMatrix Technologies, on Thursday, announced raising Rs 6 crore in Pre-Series A round led by the venture capital Inflection Point Ventures. The startup works in the development of industrial-grade drones and developing software related to cloud integration in drones.
According to a company release, the company plans to utilise the funds towards product development, team expansion, and expanding into new markets. The drone technology developed by the company caters to different industries and operations such as survey, surveillance, agriculture, AI-based inspection, and defense.
Found in 2019 by IIT graduates Rishabh Verma, Ashutosh Kumar, Divyanshu Pundir and Ajay Karthik, UrbanMatrix provides quantum encryption technology with cloud integration for data safety and reliability, making it easy to use in different industries.
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Rishabh Verma, CEO and Co-founder, UrbanMatrix, said, “Drones are unlocking the true potential of our skies. With the increasing acceptance of drone technology by multiple industries, the challenge of scaling drone operations becomes a bottleneck. At UrbanMatrix, we are leveraging cutting-edge cloud technology to solve this challenge.”
UrbanMatrix has partnered with ISRO, Paras Aerospace, and ATV. It is certified by DGCA for 4G/5G-enabled drone, UMT Hawk4G drones, and holds patents for innovations like NextCC and unique drone designs.
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According to data from Tracxn Technologies, Indian drone startups attracted $49.7 million in FY23 across 20 rounds, as compared to $25 million across 23 rounds in FY22, and $11.2 million in FY21. The segment has witnessed 300 per cent growth in investments over the past three years.
According to a KPMG report from 2022, titled “India’s emerging drone industry: A point of view,” India’s drone service market is expected to grow at a CAGR of 44.4 per cent over the 20s decade, going up to $4.9 billion by 2030.
