Urbanmatrix Technologies Pvt Ltd, a drone technology startup founded in 2019 by three IIT Madras engineers, has raised funding of Rs 1.2 crore. The key investment was made by Coimbatore-based SARA ELGI, part of ELGI conglomerate with an annual turnover of Rs 2,500 crore, and businessman Laxminarayana.
The funds will be directed towards strengthening research and development, deepening market penetration and delivering industry-oriented solutions across verticals, the statement from the company said.
SARA ELGI has a strong presence in more than 15 countries and will help UrbanMatrix with international expansion.
The world is witnessing drone technology disrupting almost every major industry. Taking advantage of 4G/5G, artificial intelligence, and smart manufacturing, today drones can do much more than taking photos and videos. Industries benefiting most from drones are Infrastructure, security, inspection, agriculture and logistics, the company said.
The drone market in India is in the early stages with immense growth potential. Currently, there are more than 50,000 commercial drones in India, which is a miniscule compared to 17 lakh drones operational in the USA. If India wants to catch up to the US, then innovations and technological advancements are the only way out, it added.
95 percent of the drones present in India fall in the non-compliance category. As per the latest regulations, the use of such drones will attract heavy penalties levied by the government. This is a positive move not only for national security reasons but also for regulating the drone sector. In a short time span, the sector has shown encouraging outputs in checking illegal mining, digitally mapping the country, controlling locust attack and developing freight corridor by the Indian Railways, the company said.
First Published: IST