The investment in UrbanMatrix reflects a broader trend of increasing financial backing for drone enterprises as demand for drones escalates across different sectors.
UrbanMatrix Technologies, a drone technology startup, announced on Thursday that it has secured Rs 6 crore from investors to fuel its expansion plans. The company intends to utilise the funds for product development, increasing its team size, and entering new markets. This injection of capital comes from a Pre-series A funding round spearheaded by Inflection Point Ventures.
Founded in 2019 by a group of IIT alumni—Rishabh Verma, Ashutosh Kumar, Divyanshu Pundir, and Ajay Karthik—UrbanMatrix is engaged in creating industrial drones and drone software for a variety of applications such as surveying, surveillance, agriculture, AI-powered inspections, and defence.
Operating out of a 3,000-square-foot commercial facility that includes a dedicated production area, UrbanMatrix is capitalising on the growing industry acceptance of drone technology. CEO and co-founder Rishabh Verma highlighted the company’s commitment to leveraging advanced cloud technology to address the challenges associated with scaling drone operations.
In 2021, Dhanuka Agritech made a significant investment of Rs 30 crore in IoTechWorld Avigation, a Gurugram-based agricultural drone maker, acquiring a minority stake.
Garuda Aerospace, another drone manufacturer, recently received Rs 25 crore in a new bridge round led by Venture Catalysts and WeFounderCircle, aimed at fulfilling its working capital needs.