Drone services firm raising RM126mil to spur growth


“We’ve been building a business delivering much needed solutions to a raft of companies and with backing from respected investors, at a time of drone industry consolidation, which is a testament to our strength, growth prospects and the opportunities ahead.” Aerodyne’s founder and chief executive officer Kamarul A Muhamad(pic) said.

KUALA LUMPUR: Aerodyne Group, a Malaysian-based drone services company, is raising US$30mil (RM126mil) from top regional venture capital firms to fuel growth.

The five-year old company plans to use proceeds from the series B investment round for mergers and acquisitions, to accelerate research and development, hire drone talent globally and expand in key markets such as Japan, India, US and the Middle East.

The series B investors are InterVest/ Kejora Ventures, VentureTECH and Gobi Partners as well as existing investor from Axiata Digital Innovation Fund (ADIF). 500 Startups, a global venture capital firm, is also a participating investor.

QuantePhi is the lead advisor for the series B round.

“We’ve been building a business delivering much needed solutions to a raft of companies and with backing from respected investors, at a time of drone industry consolidation, which is a testament to our strength, growth prospects and the opportunities ahead.” Aerodyne’s founder and chief executive officer Kamarul A Muhamad said in a statement yesterday.

Aerodyne is ranked third globally by Drone Industry Insights in its 2019 drone service provider ranking.

Aerodyne currently has presence in 25 countries and delivers AI-driven, drone-based enterprise-integrated managed solutions to the oil and gas, power, telecoms, renewables, construction, agriculture and infrastructure industries.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Business News

U.S. weekly jobless claims edged lower last week
Govt channels RM20.94bil for wage subsidy programme as at July 29
Yinson inks MoU with Cyberview to develop smart mobility ecosystem in Cyberjaya
Bursa Malaysia onboards CGS-CIMB, Kenanga IB for shariah-compliant trading
Sunway REIT's outlook remains optimistic
Ringgit eases further as risk-off mode remains after Fed’s minutes
Gas Malaysia 2Q net profit surges 72%, declares 5.9 sen dividend
Dialog 4Q net profit drops 14% to RM118mil
AME Elite to develop industrial park in Penang with GDV of RM1bil
Bursa Malaysia ends lower for second consecutive day

Others Also Read