The startup will use the funds to spur international product expansion and development of its drone data analytics products
Skylark Drones, a drone platform startup has raised USD $3 million in a pre-series A funding round. The startup noted that it is looking to strengthen its product offerings and fuel international expansion using the funds.
“Our vision is to unlock the economic potential of aerial intelligence.” said Mughilan Thiru Ramasamy, CEO & co-founder of Skylark Drones.
He added ,“We thank the lead investors of this round and believe the participation of Fowler Westrup, a leading agriculture solution company, and Vimson Group mining conglomerate will help further strengthen the sector focussed solutions we offer our customers. ”
The funding round was co-led by investors InfoEdge Ventures and IAN Fund with participation from AdvantEdge Founders, Fowler Westrup, Redstart Labs, IKP and Vimson group. This follows the company’s previous seed funding round, which took place in 2018.
The company will primarily use the new funding to enhance the actionable insights from drone data that it provides, in order to aid and simplify superior business decisions and strategy for its clients. The investment will also be used to spur international product expansion and development of its drone data analytics products.
Amit Behl, Partner at Info Edge Venture Fund said, “Aerial intelligence is a theme that has immense potential as it provides significant cost, time and accuracy benefits for large infrastructure companies which face frequent cost and time overruns. Skylark has built an indigenous platform that facilitates quick mobilization of independent drone pilots, enabling them to run drone missions to gather aerial images of large worksites. Skylark’s computer vision software analyses this aerial imagery to offer industry specific insights for its mining, solar and construction clients. Being amongst a limited set of players who have a full-stack offering, we believe that the opportunity for the company is global.”
Further adding, Rajnish Kapur, Managing Partner at IAN Fund said, “The global drone software market size is projected to reach USD 9,961.6 million by 2027, growing at a CAGR of 25.05%between 2020 and 2027. With the rising adoption of advanced technologies such as AI and ML, Skylark Drones’ solutions can unlock potential while increasing productivity and ensuring safety of work-sites. What impressed us most was a strong and unique business model – one that is easily scalable in India and beyond. We are delighted to make this contribution and hope the company marks its presence globally.”
“Drones are becoming the norm for remote worksite monitoring & inspections, and we have seen rapid adoption from marquee enterprises like Tata Steel, Ultratech Cement, Softbank Energy over the past few years. We look forward to serving more enterprises in the next leg of our growth story.”, said Mrinal Pai, co-founder of Skylark Drones. Since its founding in 2015, Skylark Drones has pioneered a variety of technological advances for the drone software industry. The company leverages drone data and transforms petabytes of aerial information into actionable business insights for clients to help them work more efficiently.