Drone tech startup UrbanMatrix Technologies 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, led by Inflection Point Ventures, announced raising Rs 6 crore in a Pre-series A funding round.
Founded in 2019 by IIT graduates Rishabh Verma, Ashutosh Kumar, Divyanshu Pundir, and Ajay Karthik, UrbanMatrix Technologies develops industrial drones and drone software. These are used in various applications like surveys, surveillance, agriculture, AI-assisted inspections, and defense.
UrbanMatrix operates in a 3,000-square-foot commercial space with a dedicated manufacturing area.
“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 investing in drone companies due to the increasing demand for drones across various sectors.
In 2021, Dhanuka Agritech invested Rs 30 crore in Gurugram-based agri drone manufacturer IoTechWorld Avigation for a minority stake.
Recently, Garuda Aerospace, a drone manufacturer, secured Rs 25 crore in funding from a fresh bridge round led by integrated incubator Venture Catalysts and WeFounderCircle. This funding will be used to meet the company’s working capital needs.
