Drone startup UrbanMatrix Technologies raises Rs 6 crore in funding
UrbanMatrix Technologies on Thursday said it has raised Rs 6 crore from investors to fund expansion. «The funds will be allocated towards product development, team expansion and expanding into new markets,» the company said in a statement.
The company said it has raised Rs 6 crore in a Pre-series A funding round led by Inflection Point Ventures.
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UrbanMatrix operates in a 3,000-square-foot commercial space with a dedicated manufacturing area producing.
«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,» Rishabh Verma, CEO and Co-founder of Urban Matrix, said.
Investors are putting up money in drone companies amid a rise in demand for drones from various sectors.
In 2021, Dhanuka Agritech announced an investment of Rs 30 crore in Gurugram-based agri drone manufacturer IoTechWorld Avigation for a minority stake.
On Wednesday, drone manufacturer Garuda Aerospace received Rs 25 crore funding from a fresh bridge round led by integrated incubator Venture Catalysts,
