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Drone tech startup Urban Matrix raises Rs 6 crore in Pre-Series A Round led by Inflection Point Ventures
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Friday, 27 October, 2023, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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Drone tech startup UrbanMatrix Technologies has raised Rs 6 crore in a Pre-series A round led by Inflection Point Ventures. The funds will be allocated towards product development, team expansion and expanding into new markets.
Founded in 2019, by IIT graduates Rishabh Verma, Ashutosh Kumar, Divyanshu Pundir and Ajay Karthik, it is a leader in developing powerful industrial drones and software used in drones for a variety of use cases including survey, surveillance, agriculture, AI-aided inspection, and defense. The company offers cutting-edge quantum encryption technology along with cloud integration for data safety, guaranteeing top-notch reliability and ease of use for clients across different industries, making drone operations safer and more efficient.
Vikram Ramasubramanian, partner, Inflection Point Ventures, said, “Drone industry has been growing extensively especially with the government vision of Aatmanirbhar Bharat which aims to shape India as a global drone hub by 2030. The drone industry is a sunrise sector with phenomenal market opportunities, IPV looks forward to extending their strategic support and helping UrbanMatrix scale their business. The company has successfully developed end to end drone solution products which aim to capture a wide range of use cases and expand geographically.”
Rishabh Verma, CEO & co-founder, Urban Matrix, said, “Drones are unlocking the true potential of our skies. With increasing acceptance of drone technology by multiple industries, the challenge of scaling drone operations becomes a bottleneck. At UrbanMatrix, we are leveraging cutting-edge cloud technology to solve this challenge.”
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