Malaysia-headquartered drone-based managed solutions provider Aerodyne Group has raised $30 million in a Series B funding round co-led by InterVest and Kejora Ventures to ramp up its global expansion.
In a statement, Aerodyne said the funding round, which was closed nearly 20 months after the startup raised a double-digit million-dollar sum from Axiata Digital Innovation Fund, was also joined by VentureTECH, Gobi Partners, and 500 Startups.
Aerodyne has offices in Australia, Malaysia, Singapore, UAE, Saudi Arabia, Indonesia, and the UK and part of the fresh funding will be used to continue its expansion into key global markets such as Japan, India, the US, and the Middle East.
The proceeds will also be used to undertake select M&As, further invest in R&D and technology, and hire talent globally, the company said.
The successful raising comes as Goldman Sachs Research estimated that the market opportunity for drones is likely to hit $100 billion by 2020, helped by growing demand from the commercial and civil government sectors.
The defence drone market is expected to hit $70 billion while the consumer drone market is forecast to grow to $17 billion by 2020.
Launched in 2014, Aerodyne uses artificial intelligence as an enabling technology for large-scale data capture and analytics. It delivers AI-driven, drone-based enterprise-integrated managed solutions to the oil & gas, power, telecom, renewables, construction, agriculture, and infrastructure industries.
“The drone industry has been developing at breakneck speed, but Aerodyne has found the right balance between advancement of technology and meeting client needs,” said InterVest CEO CH Woo in a statement.
Last year, Aerodyne bought a 60 per cent stake in AtSite, a Denmark-based wind turbine blade inspection company, for 10.6 ringgit ($2.7 million). Kamarul had earlier said that the acquisition allows Aerodyne to tap into the growing wind energy market as more countries explore renewable energy.