Omani drone startup AirGo plans expansion to Saudi Arabia
AirGo signed an investment deal with Forming Future to raise $2.7 million in its seed funding round.
Oman-based drone startup AirGo is looking to expand to the Saudi Arabian market as it has signed an investment agreement with Forming Future to raise $2.7 million in its seed funding round.
Founded in 2020, AirGo is an Unmanned Traffic Management (UTM) system provider. Being a platform-as-a-service, it enables businesses and government entities to avoid capital expenses, operational risks, and regulatory challenges of drone operations. It is also a part of Cohort 2 of Omantel Accelerator programme managed by Omantel Innovation Labs.
The investment agreement was signed at the Civil Aviation Legal Advisers Forum hosted by the Civil Aviation Authority of Oman. It saw participation from 63 countries and three international organisations. The initial agreement was signed during AirGo’s exhibition at Leap Event held in Riyadh, according to Muscat Daily.
Omantel Innovation Labs supports the startup ecosystem with accelerator programmes, hackathons, boot camps, and free workshops on technology entrepreneurship. The Omantel Accelerator provides specialised technology and entrepreneurial support to technology startups.
According to Infinium Global Research, the Saudi Arabian market for commercial drones is expected to grow at a compound annual growth rate (CAGR) of 32% between 2020 and 2026. Its worth in 2026 is expected to be around $72 million.
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Edited by Kanishk Singh
