Commercial drone solutions startup Aereo secures $15M in Series B funding round
Aereo delivers business intelligence solutions to help manage large capital assets using proprietary drones and an AI-powered data analytics platform.
Drone-based business intelligence provider Aereo has successfully closed a $15 million Series B funding round led by 360 ONE Asset. The round saw participation from long-standing investors StartupXseed Ventures and Navam Capital.
Aereo delivers business intelligence solutions to help manage large capital assets using proprietary drones and an AI-powered data analytics platform. Their sector-specific solutions cater to mining, infrastructure, urban and rural development, land records, and other industries translating into a 400% revenue growth in the last two years and market dominance.
"This funding milestone enables us to expand our aerial intelligence solutions for capital asset management. With our proprietary drone tech and 360 ONE Asset's partnership, we aim to revolutionize this $10 billion industry and create a global footprint," Vipul Singh, co-founder and CEO of Aereo, said.
Suhas Banshiwala, co-founder and CTO of Aereo, stated, "Our vision is to continuously innovate drone manufacturing and data analytics for the greater good. We are excited about the confidence our customers and shareholders have shown and are gearing up for an orbital shift."
Aereo has been recognized by the Asian Infrastructure Investment Bank (AIIB) as one of the top three infra-tech organizations. As a technology partner for Coal India Limited's Digicoal initiative, Aereo provides critical business intelligence for some of the world's largest coal mines for improving productivity, efficiency, safety, and environmental compliance. It has also been empanelled with Tata Steel since 2019, aiding the digitalisation of over 27 critical mines and stockyards.
Over the past three years, Aereo has achieved significant milestones, including mapping over 45,000 villages under the SVAMITVA scheme and covering more than 50,000 square kilometres of land area for the Digital India Land Record Modernization Program (DILRMP).
Karan Ahuja, Fund Manager at 360 ONE, remarked, "We're thrilled with the momentum in the commercial drone tech sector in India. Our partnership with Aereo reflects our belief in their cutting-edge innovations, and we're excited for their solutions to go global."
Ravi Thakur, Co-Founding Partner at StartupXseed, added, "Aereo has been a trailblazer from the start, delivering exceptional solutions and building the drone ecosystem. We're excited to support them in their next major growth phase."
Edited by Jyoti Narayan