Aereo Secures $15M Series B Funding to Expand Global Drone Tech
- Aereo raised $15 million in Series B funding led by 360 ONE Asset, with participation from existing backers.
- The startup achieved 400% revenue growth over the past two years by offering sector-specific drone solutions.
In a significant boost to the drone technology sector, Bengaluru-based startup Aereo has secured $15 million in a Series B funding round. 360 ONE Asset led the funding round, which also drew active participation from existing backers such as StartupXseed Ventures and Navam Capital.
📢BIG NEWS! Aereo has successfully secured $15 million in Series B funding!
— AEREO (@Aereo_NextisNow) July 19, 2024
Led by @360ONEAsset, we have closed our Series B funding round. A huge thank you to our long-standing investors @startup_xseed and @navamcapital.https://t.co/XMD1nzauXP#Aereo #SeriesB #Funding
Additionally, Aereo is looking to expand into markets such as Latin America, Central Africa, South East Asia, etc.
“This funding milestone enables us to expand our aerial intelligence solutions for capital asset management. With our proprietary drone tech and 360 ONE Asset's partnership, we aim to revolutionize this $10 billion industry and create a global footprint,” stated Vipul Singh, co-founder and CEO of Aereo.
The startup's sector-specific solutions cater to mining, infrastructure, urban and rural development, land records, and other industries, resulting in a 400% revenue growth over the past two years and achieving market dominance.
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Since 2019, the startup has collaborated with Tata Steel, digitalizing over 27 essential mines and stockyards.
Singh also said the company is looking to launch its Initial Public Offering (IPO) as the company's been profitability over the past three and a half years, is EBITDA positive, and has a consistent annual revenue growth rate of approximately 70% over the last four years. Furthermore, he also stated that these factors align with the company's trajectory towards a successful IPO, projected to occur when the company achieves a suitable top-line revenue.
Edited by Harshajit Sarmah
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