Drone-tech startup UrbanMatrix Technologies has raised Rs 6 crore in a Pre-series A round led by Inflection Point Ventures. The funds will be allocated towards product development, team expansion and expanding into new markets, the startup said in a statement.
Founded in 2019 by IIT graduates Rishabh Verma, Ashutosh Kumar, Divyanshu Pundir and Ajay Karthik, UrbanMatrix offers cutting-edge quantum encryption technology along with cloud integration for data safety.
Vikram Ramasubramanian, Partner, Inflection Point Ventures, said, “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. The company has successfully developed end to end drone solution products which aim to capture a wide range of use cases and expand geographically.”
Rishabh Verma, CEO and Co-founder, Urban Matrix, stated, “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.”
According to reports, the drone industry is growing rapidly, with India’s market projected to reach USD 200 million in 2023 and expected to touch USD 4 billion by 2030. Globally, the industry is equally dynamic, with a market size of USD 30 billion in 2022 expected to surge to an impressive USD 180 billion by 2030.
Categories: Other News