The first company to be funded by Aramco’s venture capital, Terra Drone aims to set up a new subsidiary for its drone operations and unmanned traffic management in Saudi Arabia
Terra Drone Corporation, a leading drone and Urban Air Mobility (UAM) technology provider, recently raised $14 million in funding from Wa’ed Ventures. The newly-funded company plans to set up a new subsidiary, Terra Drone Arabia, for its operations in Saudi Arabia to conduct drone surveys, inspections and unmanned traffic management (UTM).
Terra Drone’s plan is in line with the Saudi government’s ‘Vision 2030′, which it first announced in 2016 to stimulate economic transformation in Saudi Arabia by reducing the country’s dependence on hydrocarbons.
Notably, with the establishment of Terra Drone Arabia, Terra drone will provide oil-gas inspection services. The new subsidiary will also help Terra Drone to further its expansion globally.
It is learnt that Wa’ed Ventures is investing in an Asian startup for the first time. Interestingly, it is the venture capital of the 2nd biggest company in the world by market cap and the biggest oil producer in the world, Aramco.
Wa’ed Ventures’ MD, Fahad Alidi remarked, “Supported by the global track record of Terra Drone, our investment represents a compelling attempt at building the UAM ecosystem in the Kingdom, one that circles a sustainable economy. We foresee rapid adoption for UAM technology as an emerging tech vertical in the region, and Terra Drone is well-positioned to localize their innovation across the region, starting with the Kingdom.”
2013-born Wa’ed Ventures specializes in fostering innovation by investing in startups to develop the Saudi Arabian economy.
Japan-based Terra Drone’s CEO, Toru Tokushige found the company in 2016 to build drone software to prevent collisions by enabling safe and efficient drone and urban air mobility operations. It also develops hardware and uncrewed aircraft traffic management software. The newly-raised money brings its total capital to $97 million since its inception. Terra Drone provides drone and UAM solutions in 10 countries across the world.