Indigenous drone manufacturers ideaForge for Series A funding round

Indigenous drone manufacturers ideaForge for Series A funding round

Posted by P. Charitha on December 15th 2016

idea Forge  an Indian start-up founded  by IIT-Bombay graduates  has developed Netra, an unmanned aerial vehicle in collaboration with Defence Research and Development Organisation. It can be deployed for counter- insurgency, border management, hostage situations and disaster management scenarios and flies autonomously and returns on its own to the home base after completion of the mission. India ranked first among drone-importing nations, followed by the United Kingdom and France, according to data provided Sweden-based Stockholm International Peace Research Institute.
A fantastic example of an Indian company with its own IP, the firm supplies its drones to customers like CRPF, BSF and various State police forces and were also deployed in the Nepal earthquake and the Uttarakhand flood relief and rescue operations.
ideaForge plans to  raise Rs. 70 crore as part of a  Series A funding round which would be led by Silicon Valley-based venture capital firms WRV Capital and IndusAge Partners and its is slated that Infosys would  also be participating  in this round. The firm expects to use this capital for further product development and global market expansion in the drones or unmanned aerial vehicles segment.
According to Ankit Mehta, Chief Executive and Co-founder of ideaForge they expect to expand from their leadership position in the Indian defence sector to other growing market segments such as mining, agriculture, oil and gas and other enterprise applications.( The Hindu)


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