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Drone startup Aereo raises $15 Mn in Series B

Entrackr · 4m

Commercial drone solutions startup Aereo has secured $15 million in a Series B funding round led by 360 ONE Asset. The round also witnessed participation from its existing investors StartupXseed Ventures and Navam Capital. The company had previously raised $6.44 million at post money valuation of $25.5 million from GrowX Ventures, Startupxseed Ventures, Anicut Capital and others. The fresh funds will be used to expand its aerial intelligence solutions for capital asset management, Aereo said in a press release. Co-founded in 2013 by Vipul Singh and Suhas Banshiwala, Aereo serves in the B2B space in the high tech, aerospace, maritime and defense tech market segments. According to Aereo, it has been a partner for Coal India Limited’s Digicoal initiative, and provides critical business intelligence for some of the world’s largest coal mines for improving productivity. It has also been collaborating with Tata Steel since 2019, aiding the digitalisation of over 27 critical mines and stockyards. The Bengaluru-based company claims that it has mapped over 45,000 villages under the SVAMITVA scheme and covered more than 50,000 sq. km of land area for the Digital India Land Record Modernization Program (DILRMP). The other notable players in this space are Skylark Drones, IdeaForge, Garuda Aerospace, DroneAcharya Aerial, Dhaksha Unmanned Systems and others.