Drone Startup Aereo Raises USD 15 Mn Led by 360 ONE Asset The Bengaluru-based company provides business intelligence solutions for managing large capital assets using proprietary drones and AI-powered analytics, serving high-tech, aerospace, maritime, and defense sectors.
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Aereo, a drone-based business intelligence provider, has announced the closing of a USD 15 million Series B funding round led by 360 ONE Asset. The round also saw participation from long-standing investors, StartupXseed Ventures and Navam Capital.
Prior to this, it raised USD 6.44 million from GrowX Ventures, Startupxseed Ventures, Anicut Capital, and other investors at a post-money valuation of USD 25.5 million.
The raised funding will be used to develop its aerial intelligence solutions for capital asset management.
"This funding milestone enables us to expand our aerial intelligence solutions for capital asset management. With our proprietary drone tech and 360 ONE Asset's partnership, we aim to revolutionise this USD 10 billion industry and create a global footprint," Vipul Singh, co-founder and CEO of Aereo, said.
Founded in 2013 by Vipul Singh and Suhas Banshiwala, Aereo provides business intelligence solutions for managing large capital assets using proprietary drones and AI-powered analytics, serving high tech, aerospace, maritime, and defense sectors. Their sector-specific solutions have driven 400% revenue growth in two years.
Suhas Banshiwala, Co-founder and CTO of Aereo, added, "Our vision is to continuously innovate drone manufacturing and data analytics for the greater good. We are excited about the confidence our customers and shareholders have shown and are gearing up for an orbital shift."
Aereo has partnered with Coal India Limited on the Digicoal initiative, providing critical business intelligence to improve productivity, efficiency, safety, and environmental compliance. Additionally, Aereo has been empaneled with Tata Steel since 2019, aiding in the digitalization of over 27 critical mines and stockyards.
In the past three years, Aereo claims to have achieved significant milestones, including mapping over 45,000 villages under the SVAMITVA scheme and covering more than 50,000 square kilometres of land for the Digital India Land Record Modernization Program (DILRMP).
Karan Ahuja, Fund Manager at 360 ONE, expressed enthusiasm for the commercial drone tech sector in India. "Our partnership with Aereo reflects our belief in their cutting-edge innovations, and we're excited for their solutions to go global," he remarked.
