Urban Matrix Technologies, a Bengaluru-based drone tech startup, has secured Rs. 6 Crores in a Pre-Series A round led by Inflection Point Ventures (IPV). This funding round marks a significant milestone in the financial journey of the company, underlining the confidence of investors in its innovative drone technology solutions, said a statement.
The company said that funds raised are earmarked for a trifecta of core developmental areas. Primarily, the resources will be funnelled into refining the product line that Urban Matrix currently offers.
Secondly, there's a blueprint for expanding the team to imbibe more expertise and drive innovation. Lastly, the funds are slated to facilitate the company's foray into new markets, thereby broadening its operational horizon and customer base.
Urban Matrix said that it has made its mark by manufacturing India's first 4G enabled Type Certified industrial-grade drones. Additionally, it develops software pertaining to cloud integration in drones used across a spectrum of sectors including survey, surveillance, agriculture, AI-aided inspection, and defense.
The firm's cutting-edge quantum encryption technology intertwined with cloud integration underpins a robust framework ensuring unmatched reliability and security for a diverse clientele across various industries, said the company.
At the helm of Urban Matrix are IIT graduates Rishabh Verma, Ashutosh Kumar, Divyanshu Pundir, and Ajay Karthik, who founded the company in 2019.
“Drones are unlocking the true potential of our skies. With increasing acceptance of drone technology by multiple industries, the challenge of scaling drone operations becomes a bottleneck. At UrbanMatrix, we are leveraging cutting-edge cloud technology to solve this challenge,” said Rishabh Verma.
Supporting the growth of Urban Matrix, Vikram Ramasubramanian, Partner, Inflection Point Ventures, emphasised the vast market opportunities awaiting in the drone industry.
“Drone industry has been growing extensively especially with the government vision of Aatmanirbhar Bharat which aims to shape India as a global drone hub by 2030. The drone industry is a sunrise sector with phenomenal market opportunities, IPV looks forward to extending their strategic support and helping UrbanMatrix scale their business,” said Ramasubramanian.
“The company has successfully developed end to end drone solution products which aim to capture a wide range of use cases and expand geographically,” he added.
Inflection Point Ventures, with a portfolio of over Rs 600 crore invested across 190+ deals, has significant focus on emerging technologies startups.
The drone industry is on a rapid ascent with India's market projected to grow to $200 million in 2023, and a further leap to $4 billion by 2030. Globally, the drone market mirrored a robust growth trajectory, from $30 billion in 2022 to an expected swell to $180 billion by 2030.