Tech

Japan’s Terra drone gets a $14 million raise from Arab investors TechCrunch


Unmanned aircraft said today it has raised $14 million in Series C funding from Wa’ed adventureventure capital branch of Saudi Aramcomarks the VC firm’s first investment in Asia.

The Japan-headquartered company, which builds drone software, hardware and software for drone traffic management, said the new capital brings its total raised to 97 million USD since its inception in 2016. The company declined to comment on the valuation after raising capital. According to sources familiar with the matter, the startup was valued at more than $200 million last March when Terra Drone closed Series B worth $70 million.

This move is suitable for Saudi Arabia’s “Vision 2030” plan, which sets out goals to reduce the nation’s dependence on hydrocarbons and promote the use of drones in services. For example, fossil fuel companies in Saudi Arabia will use Terra Drone technology for inspection services. The drone is supposed to detect things like oil leaks. Saudi Aramco is the world’s largest oil producer and plans to increase fossil fuel production in the coming years despite the scientific consensus that such activities are destroying Earth’s climate.

Terra Drone director Teppei Seki told TechCrunch that the startup participated in a drone program run by Saudi Aramco held last year for Saudi Vision 2030.

With the latest funding, Terra Drone plans to create a new subsidiary, Terra Drone Arabia, wholly owned by Terra Drone, and further promote drone testing in the region. On top of that, the company plans to further international penetration in the Middle East and North Africa (MENA) through its new office in Saudi Arabia.

Terra Drone is currently providing drone and UAM solutions to 10 countries. Denmark uses Terra Drone’s unmanned aerial vehicle (UTM) traffic management system in Danish medical drones and the country’s Medical Drone Project to deliver blood and drugs. Terra Drone UT drone for inspection certified as ship inspection by Register for international shipping, the Japan-based startup said. Unifly is owned by Terra Drone, a UTM provider, also present in Europe and North America.

The company said that since the last fundraiser, sales of its subsidiaries have increased by more than 50%.

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 drone operations. Safe and efficient urban and drone flying.

Wa’ed Ventures CEO Fahad Alidi said: “Backed by Terra Drone’s global track record, our investment represents a compelling attempt at building the UAM ecosystem in UK, an ecosystem that surrounds a sustainable economy. “We foresee the rapid adoption of UAM technology as an emerging technology industry in the region, and Terra Drones are well positioned to localize their innovation across the region, starting in the Kingdom. Older brother.”

Note: The original version of this article has been updated to include Unifly being available in Europe and North America.

news7d

News 7D: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button