UrbanMatrix Technologies, a drone technology startup, has successfully raised Rs 6 crore in a Pre-Series A funding round, with Inflection Point Ventures leading the investment. This young company specializes in the development of industrial-grade drones and software related to cloud integration within drone technology.
The newly acquired funds are earmarked for further product development, expanding the team, and venturing into new markets. UrbanMatrix’s drone technology caters to various industries and operational aspects, such as surveys, surveillance, agriculture, AI-based inspections, and defense applications.
Vikram Ramasubramanian, a Partner at Inflection Point Ventures, expressed optimism about the drone industry’s growth potential and its substantial market opportunities. He reiterated IPV’s commitment to providing strategic support to help UrbanMatrix scale its business. The startup has already successfully developed end-to-end drone solutions that cover a wide array of use cases and plans for geographic expansion.
Established in 2019 by IIT graduates Rishabh Verma, Ashutosh Kumar, Divyanshu Pundir, and Ajay Karthik, UrbanMatrix stands out with its quantum encryption technology integrated with cloud capabilities, ensuring data security and reliability. This innovative approach allows the drones to be effectively utilized in various industries.
Rishabh Verma, the CEO and Co-founder of UrbanMatrix, highlighted the transformative impact of drones on the aviation landscape. As industries increasingly adopt drone technology, the challenge of scaling drone operations emerges as a significant bottleneck. UrbanMatrix is addressing this challenge by leveraging cutting-edge cloud technology to facilitate scalable drone operations.
UrbanMatrix has forged notable partnerships with entities like ISRO, Paras Aerospace, and ATV. The company holds DGCA certification for its 4G/5G-enabled drone, UMT Hawk4G drones, and boasts patents for innovations such as NextCC and unique drone designs.
According to data from Tracxn Technologies, Indian drone startups have seen substantial investment growth. In FY23, these startups secured $49.7 million across 20 rounds, compared to $25 million across 23 rounds in FY22 and $11.2 million in FY21. This sector has experienced a remarkable 300% increase in investments over the past three years.
Furthermore, a 2022 KPMG report titled “India’s emerging drone industry: A point of view” projected that India’s drone service market is poised for significant growth. The report anticipates a Compound Annual Growth Rate (CAGR) of 44.4% throughout the 2020s, with the market expected to reach $4.9 billion by 2030.
In essence, UrbanMatrix Technologies’ successful funding round underscores the burgeoning potential and accelerating growth within India’s drone technology industry. With innovative solutions and a strong commitment to addressing industry challenges, this startup is well-positioned to be a major player in the evolving drone technology landscape.