Malaysia-headquartered drone-based enterprise solutions provider Aerodyne Group announced that it has raised an additional undisclosed amount in its Series B funding round backed by North Summit Capital, Arc Ventures, and Leave a Nest.
The Series B round was officially closed on February 4 after the fresh fundraise. It had raised an initial $30 million in October 2019 from InterVest and Kejora Ventures as part of the same round, a source told DealStreetAsia.
Aerodyne, launched in 2014, said proceeds from the Series B investment round will be used to hire talent globally and further expand into the firm’s key global markets such as Japan, the US, Latin America, Europe, and the Middle East.
The drone startup, which has offices in Australia, Malaysia, Singapore, UAE, Saudi Arabia, and Indonesia, uses artificial intelligence as an enabling technology for large-scale data capture and analytics.
Aerodyne delivers AI-driven, drone-based enterprise-integrated managed solutions to the oil & gas, power, telecom, renewables, construction, agriculture, and infrastructure industries.
North Summit Capital, Arc Ventures, and Leave a Nest will be beneficial to Aerodyne’s global expansion plans, the company stressed. It has partnered with North Summit to penetrate the Chinese market and extend its technological edge. In India, it is partnering with Arc Ventures, which is co-founded by Arjun Aggarwal and Cibi K Chandran, and with Leave a Nest in Japan.
“We firmly believe that together, we will be able to make the next technological leap, and be well-positioned to capitalise on the growth of China, India, and Japan, whose combined 2030 GDP forecast stands at $117.7 trillion,” said Aerodyne’s founder and group CEO Kamarul A. Muhamad.
Last year, Aerodyne bought a 60 per cent stake in AtSite, a Danish wind turbine blade inspection company, for 10.6 ringgit ($2.7 million). It also acquired a 60 per cent stake in the drone services business of US-based aerial intelligence company Measure UAS.
According to market research firm Drone Industry Insights, Aerodyne is among the top 10 drone service providers across the globe. The consumer drone market is forecast to hit $17 billion while the defence drone market is expected to $70 billion by 2020.
“North Summit Capital is excited to co-lead Aerodyne’s Series B second-round investment alongside other value-oriented strategic investors. We see great potential in Aerodyne’s large-scale data capture and analytics solutions to global critical infrastructure and related sectors,” said North Summit’s founder Wanli Min.