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TechEagle Partners ideaForge To Boost Its Drone Technology Stack, Drive Innovation

Inc42 · 1y ago

TechEagle Partners ideaForge To Boost Its Drone Technology Stack, Drive Innovation

TechEagle has partnered with drone manufacturer ideaForge to further develop its unmanned aerial vehicle technology. The collaboration aims to create the world's largest on-demand drone logistics network, improving package delivery speed and efficiency. TechEagle brings expertise in long-range and heavy payload drones powered by AI and 5G technology, while ideaForge contributes its manufacturing capabilities. Together, the companies aim to advance indigenous drone technologies and drive innovation in the industry.

Related News

Charcoal Eats, Toonsutra, Mayhem Studios, TechEagle grab funding cheques

VCCircle

VCCircle · 1y ago

Charcoal Eats, Toonsutra, Mayhem Studios, TechEagle grab funding cheques

Four companies, Charcoal Eats, Toonsutra, Mayhem Studios, and TechEagle, have recently received funding. Quick-service restaurant brand Charcoal Eats raised Rs 45 crore in a funding round led by Girish Patel, founder of Paras Pharma. Webtoon app Toonsutra received investment and advisory support from Gen Fukunaga, founder of Funimation. Mayhem Studios, a mobile game developer, secured funding from Lumikai. Drone delivery startup TechEagle formed a strategic alliance with unmanned vehicle manufacturer ideaForge Technology. These investments will help the companies expand operations, develop products, and enhance their technological capabilities.

Dronetech startup TechEagle raises bridge round

Entrackr

Entrackr · 1y ago

Dronetech startup TechEagle raises bridge round

On-demand drone delivery and logistics firm TechEagle has raised funds from Paytm founder Vijay Shekhar Sharma, Navam Capital and Inflection Point Ventures (IPV) in its bridge round. Earlier to this round, TechEagle raised $500K in its seed funding round led by India Accelerator in 2021. The bridge round, which is undisclosed, also saw participation from Venture Catalysts and a group of high-net-worth individuals. The proceeds will be used to fuel the company’s efforts to launch higher payload drones for mid-mile and inter-city deliveries, the company said in a press release. Founded in 2017 by Vikaram Singh Meena and Anshu Abhishek, TechEagle is a drone logistics startup that enables on-demand autonomous drone delivery for its clients. With a focus on beyond visual line of sight (BVLOS) drone operations, TechEagle caters to last-mile logistics in urban and semi-urban areas.

IdeaForge Picks Up Stake In GalaxEye To Build Drone-Based Sensors For Fog, Foliage Penetrations

Inc42 · 1y ago

IdeaForge Picks Up Stake In GalaxEye To Build Drone-Based Sensors For Fog, Foliage Penetrations

Drone manufacturer ideaForge has announced that it will acquire GalaxEye Space Solutions' Series A Compulsory Convertible Preference Shares for INR 8.28 Cr. The acquisition aims to enable ideaForge to develop drone-based sensors for fog and foliage penetrations. Earlier this year, ideaForge had expressed its plans to enter the US market to capitalize on the demand for non-Chinese drones in the country.

TechEagle Bags Funds To Offer Drone Deliveries To Enterprises

Inc42 · 1y ago

TechEagle Bags Funds To Offer Drone Deliveries To Enterprises

TechEagle, a drone logistics startup, has raised funding in a round co-led by Navam Capital and Inflection Point Ventures. Other participants in the funding round include Vijay Shekhar Sharma, the founder of Paytm, and Venture Catalysts. The company plans to use the capital to expand its operations nationwide and develop higher payload drones for mid-mile and inter-city deliveries. Founded by IIT-Kanpur alumni Meena and Anshu Abhishek in 2017, TechEagle offers on-demand autonomous drone delivery services.

ideaForge investor gets 570% returns, invests in 2nd drone startup

Inshorts · 2y ago

ideaForge investor gets 570% returns, invests in 2nd drone startup

Florintree Advisors, led by former Blackstone dealmaker Mathew Cyriac and the largest single investor in ideaForge, has invested ₹20 crore in the drone startup BotLab. This investment comes after Florintree gained a 570% return on its investment in ideaForge. With an 11% stake in ideaForge, Florintree now holds a 15% stake in BotLab, valuing it at approximately ₹120 crore. Cyriac mentioned that they assessed around 15 drone makers before making this investment.

ideaForge allots 96,000 shares worth Rs 7.95 Cr in ESOPs

YourStory

YourStory · 1y ago

ideaForge allots 96,000 shares worth Rs 7.95 Cr in ESOPs

Indian drone manufacturer ideaForge has allotted employee stock option plans (ESOPs) worth around INR 7.95 crore. The company's board approved the issuance of 95,954 equity shares under the ideaForge Employees Stock Option Scheme, 2018. The newly allotted shares will hold the same rights as existing equity shares, increasing the company's paid-up capital. ideaForge recently acquired a non-controlling stake in GalaxEye Space for INR 8.28 crore. The Indian drone market is projected to reach $15 billion by 2030, with ideaForge being a prominent player in the industry.

Drone stocks rally up to 15% as high-tech sky assassins dominate India-Pakistan conflict

Economic Times

Economic Times · 3m ago

Drone stocks rally up to 15% as high-tech sky assassins dominate India-Pakistan conflict

Indian stocks related to unmanned warfare and defense technology surged dramatically, following India's drone-led precision strikes on Pakistani military installations. Shares of companies like Ideaforge Technology and Droneacharya Aerial Innovations saw significant gains. This rally came amidst heightened cross-border tensions, as Pakistan conducted drone and missile attacks on Indian military stations. The intense engagements signify a shift to military-on-military confrontations. India's robust response showcased its growing defense manufacturing capabilities, particularly in unmanned systems.

Ex-defence secretary Ajay Kumar’s VC fund to invest in spacetech firm GalaxEye

Economic Times

Economic Times · 9m ago

Ex-defence secretary Ajay Kumar’s VC fund to invest in spacetech firm GalaxEye

Venture capital firm Mounttech Growth Fund is participating in a $10 million funding round for spacetech startup GalaxEye. The fund, founded by former defence secretary Ajay Kumar, focuses on space and defence startups. This investment is Mounttech's first since its inception. The funding will be used to accelerate the development of GalaxEye's upcoming satellite, called the "Drishti Mission," which aims to provide high-resolution, all-weather, multi-sensor data. GalaxEye has also partnered with Ideaforge for drone technology development and other industry partners for satellite launches. The Indian space technology sector saw $126 million in funding in 2023.

ideaForge Eyes Exports To US, Canada To Shore Up Revenue

Inc42 · 1y ago

ideaForge Eyes Exports To US, Canada To Shore Up Revenue

Indian drone manufacturer ideaForge is focusing on expanding its exports to North America and other key regions, according to its annual report. The company aims to establish a presence in the North American market, which it has identified as its next frontier for investment and growth. Currently, ideaForge operates in India, Bhutan, Nigeria, and the US.

Startup news and updates: Daily roundup (October 1, 2024)

YourStory

YourStory · 11m ago

Startup news and updates: Daily roundup (October 1, 2024)

- Deeptech accelerator SanchiConnect raises undisclosed amount of funding from Baring Private Equity Partners-India, Seafund, and 8X Ventures. - IG Drones secures $1M funding led by India Accelerator and Angel Investors for research and development of drone solutions tailored for defence applications. - FNP (Ferns N Petals) appoints Gaurav Sharma as its new Chief Technology Officer (CTO) to drive innovation and improve digital experiences. - SanchiConnect expands its software offerings to Indian startups with the recently raised capital. - IG Drones plans to raise an additional $3M over the next six months to expand its operations in India and globally. - Gaurav Sharma, the newly appointed CTO of FNP, has over two decades of distinguished experience in the technology sector.

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