ideaForge Technology set to raise Series A funding from global investors
New Delhi [India], Dec.15 (ANI): ideaForge Technology Pvt. Ltd, a highly innovative Indian technology leader that builds advanced indigenous Unmanned Aerial Vehicle (UAV), today announced its proposed Series A investment with global technology investors.
The round would be led by Silicon Valley based WRV Capital and US-India Investment Fund IndusAge Partners.
Amongst other investors, Indian IT major Infosys would also participate in this round of funding. The overall size of the capital raise would be Rs. 70 Crores. The company expects to use this capital for further product development and global market expansion.
ideaForge commands a major share in Indian UAV market and provides both VTOL (Vertical Take-off and Landing) and Fixed Wing UAVs. The Company provides end to end solutions including UAV design, manufacturing, software, services and training.
The company has deployed over 350 systems with the Indian Armed Forces, and has more than 700 trained armed personnel operating these systems in key sensitive areas in Indian defense locations.
"We are delighted to be raising this capital from investors and technology leaders, who have a track record of building and scaling technology platforms on global scale. With this investment, we expect to expand from our leadership position in the Indian Defense Sector to other growing market segments such as Mining, Agriculture, Oil and Gas and other enterprise applications" said Ankit Mehta, CEO and Co-Founder of ideaForge.
"At IndusAge Partners, we are proud to be backing a technology leader that has built a world class product entirely indigeneously in India. This is a great example of an Indian company with fundamental Intellectual Property (IP) that has the potential to exploit the global market opportunity", said Sudhir Rao, Managing Partner of IndusAge Partners.
"We are delighted to be a partner with such a dynamic, young company that has proven its technology leadership in the most rigorous of environments, namely the defense sector. With this investment we hope to be able to assist the company's ambition to become a global leader by driving manufacturing efficiences, and expanding to other market segments", said Nicholas Brathwaite, General Partner of WRV Capital.
The investment is subject to receipt of regulatory approvals and customary closing conditions. (ANI)