[Funding alert] Drone startup UrbanMatrix Technologies raises Rs 1.2 Cr
Bengaluru-based drone technology startup UrbanMatrix Technologies Pvt Ltd on Thursday raised Rs 1.2 crore. The key investment was made by Coimbatore-based SARA ELGI, part of ELGI conglomerate with an annual turnover of Rs 2,500 crore, and seasoned businessman Laxminarayana. SARA ELGI has a strong presence in more than 15 countries and will help UrbanMatrix with international expansion.
According to the company statement, the funds will be directed towards strengthening research and development, deepening market penetration, and delivering industry-oriented solutions across verticals.
Founded in 2019 by three IIT Madras engineers — Rishabh Verma (CEO), Ashutosh Kumar (CTO), Divyanshu Pundir (VP, Software), Urban Matrix Technologies specialises in micro drones and enables industries to easily leverage the power of aerial data by building compliant drone hardware, along with proprietary software solutions.
Rishabh Verma, CEO of UrbanMatrix Technologies said,
“We are in the midst of exciting times. For a long, drone technology was limited to military applications. But now, commercial drones are rising with many industries adopting them aggressively. A time when drones will become an essential part of human civilization is much nearer than you have imagined. We, at UrbanMatrix, are playing our part in spearheading this revolution by doing what we love – building future with technology.”
The world is witnessing drone technology disrupting almost every major industry. Taking advantage of 4G/5G, artificial intelligence, and smart manufacturing, today drones can do much more than taking photos and videos.
The founders spotted a gap between the available drone options and industry requirements, early in their careers. Taking photos and videos was not enough, industries require seamless integration of aerial data with their ongoing workflow in order to make real-time decisions that can significantly save time and cost. The startup addressed this by generating actionable data via a dedicated cloud-based platform: UMT Console.
Commenting on the investment, Sumanth Ramamurthy, Chairman, Elgi Group stated,
“Drones are here to stay. The previous decade has witnessed the feasibility of commercial drones and this decade will witness the disruption in industries by these Drones. There is an unforeseen influx of funded drone startups globally, and the rush has just started. Our key reason behind funding Urban Matrix, is the technological solutions offered by them are way ahead of the existing competition. The founding team has phenomenal technology background along with a proven track record of building disruptive drone solutions.”