Terra Drone raises $14M from Aramco's Wa'ed Ventures
Tokyo-basedCorporation, a drone and urban air mobility (UAM) technology provider, has raised $14 million in funding from Wa'ed Ventures, the venture capital (VC) arm of Aramco.
Terra Drone will use the funding to establish Terra Drone Arabia, a new subsidiary in Saudi Arabia that is in line with Saudi's "Vision 2030", said a press note shared by Zawya.
The Vision 2030 was announced in 2016 and is aimed at stimulating economic transformation in Saudi Arabia by reducing hydrocarbon dependence.
Terra Drone's new subsidiary will facilitate operations to conduct drone surveys, unmanned traffic management (UTM), and inspections in Saudi Arabia. It will also provide oil-gas inspection services in the country.
Terra Drone Arabia will also help the company, which is counted among the top two drone service providers in the world, to further its expansion globally. Currently, the company provides drone and UAM solutions to 10 countries globally.
The investment in Terra Drone Corporation is Wa'ed Ventures' first investment in an Asian startup.
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Edited by Megha Reddy