Drone tech start-up 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.
UrbanMatrix Technologies was founded in 2019 by IIT graduates Rishabh Verma, Ashutosh Kumar, Divyanshu Pundir, and Ajay Karthik. It is developing industrial drones and software used in drones for various use cases, including survey, surveillance, agriculture, AI-aided inspection, and defense.
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 in funding from a fresh bridge round led by integrated incubator Venture Catalysts, WeFounderCircle to meet its working capital requirements.