Skylark Drones, a drone platform company said that it has secured $3 million in a pre-series A funding round to strengthen its product offerings and fuel international expansion. The funding round was co-led by investors InfoEdge Ventures and IAN Fund with participation from AdvantEdge Founders, Fowler Westrup, Redstart Labs, IKP and Vimson group. This follows the company's previous seed funding round, which took place in 2018.
Skylark Drones, which has offices in the USA and India, aims to elevate worksite productivity and safety by providing geospatial intelligence to different enterprises in sectors such as mining, solar power, real estate, agriculture and inspection. It provides its clients with the ability to use AI-powered technology products such as spectra and Drone Mission Ops.
“Our vision is to unlock the economic potential of aerial intelligence,” said Mughilan Thiru Ramasamy, CEO & co-founder of Skylark Drones. “We thank the lead investors of this round and believe the participation of Fowler Westrup, a leading agriculture solutions company, and Vimson Group mining conglomerate will help further strengthen the sector focussed solutions we offer our customers.”
The company said it will primarily use the new funding to enhance the actionable insights from drone data that it provides, in order to aid and simplify superior business decisions and strategies for its clients. The investment will also be used to spur international product expansion and development of its drone data analytics products.
Amit Behl, Partner at Info Edge Venture Fund said, “Aerial intelligence is a theme that has immense potential as it provides significant cost, time and accuracy benefits for large infrastructure companies which face frequent cost and time overruns. Skylark has built an indigenous platform that facilitates quick mobilization of independent drone pilots, enabling them to run drone missions to gather aerial images of large worksites. Skylark's computer vision software analyses this aerial imagery to offer industry-specific insights for its mining, solar and construction clients. Being amongst a limited set of players who have a full-stack offering, we believe that the opportunity for the company is global.”
Further adding, Rajnish Kapur, Managing Partner at IAN Fund said, “The global drone software market size is projected to reach $9,961.6 million by 2027, growing at a CAGR of 25.05% between 2020 and 2027. With the rising adoption of advanced technologies such as AI and ML, Skylark Drones' solutions can unlock potential while increasing productivity and ensuring the safety of work sites.”
“Drones are becoming the norm for remote worksite monitoring & inspections, and we have seen rapid adoption from marquee enterprises like Tata Steel, Ultratech Cement, Softbank energy over the past few years. We look forward to serving more enterprises in the next leg of our growth story.”, said Mrinal Pai, co-founder of Skylark Drones.