Drone Startup Urban Matrix Raises Rs 6 Crore in Pre-Series A Funding for Product Development and More
Urban Matrix, a startup that manufactures industrial drones and software used in drones, has raised $720,886 (Rs 6 crore) in a pre-Series A funding round. Led by Inflection Point Ventures, the funding round also saw participation from O2 Angels.
As per the startup, the freshly raised funds will be deployed for product development, team expansion, and geographical expansion into new markets.
Urban Matrix | Reliable Industrial-grade Drones
Founded by Rishabh Verma, Ashutosh Kumar, Divyanshu Pundir, and Ajay Karthik in 2019, UrbanMatrix is a Bangalore-based startup that enables industries & organizations to seamlessly adopt drones in their workflow to elevate efficiency & profitability. The Bangalore-based startup manufactures industrial drones and software used in drones for a variety of use cases, including surveillance, survey, agriculture, AI-aided inspection, and defense.
Speaking about the development, Rishabh Verma, CEO and Co-founder of Urban Matrix, stated that with multiple industries adopting drone technology, the challenge of scaling drone operations becomes a bottleneck. Verma added that UrbanMatrix is leveraging cutting-edge cloud technology to solve this challenge.
Specialized in providing end-to-end drone solutions, UrbanMatrix offers quantum encryption technology and cloud integration for data safety that guarantees reliability and ease of use for clients across different industries.
Making drone operations safer and more efficient, the Bangalore-based startup, which operates in a 3,000-square-foot commercial space, has also undertaken partnerships with Indian Space Research Organisation (ISRO), Paras Aerospace, and ATV.
Statement from the Investor
Vikram Ramasubramanian, Partner, Inflection Point Ventures, highlighted that as the drone industry is a sunrise sector, it offers potential market opportunities.
“Urban Matrix has developed end-to-end drone solution products which aim to capture a range of use cases and expand geographically.”
As drones are getting acceptance from several industries to ease operations, investors are increasing their focus on the segment and are investing money in drone companies. Yesterday, Garuda Aerospace, a Chennai-based drone manufacturer, raised Rs 25 crore in a bridge funding round to address the demand for drones and fulfilling the pre-booked orders and execution of the IFFCO (Indian Farmers Fertilisers Cooperative Ltd) drone order.
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