Japan’s Terra Drone gets $14M lift from Saudi investors

Share Story on

Terra Drone said today it has raised $14 million in Series C funding from Wa’ed Ventures, the venture capital arm of Saudi Aramco, marking the VC firm’s first investment in Asia. 

The Japan-headquartered company, which builds drone software, hardware and uncrewed aircraft traffic management software, said the new capital brings its total raised to $97 million since its inception in 2016. It declined to comment on its post-money valuation. According to sources familiar with the situation, the startup was valued at more than $200 million in March last year when Terra Drone closed a $70 million Series B

The move comes in line with Saudi Arabia’s “Vision 2030” plan, which lays out goals to reduce the nation’s dependence on hydrocarbons and promote the use of drones in services. For example, fossil fuel companies in Saudi Arabia will utilize Terra Drone’s technology for inspection services. Drones are supposed to detect things like oil leakage. Saudi Aramco is the world’s largest oil producer and plans to increase fossil fuel production in coming years despite scientific consensus that such activities are wrecking the Earth’s climate.  

Terra Drone director Teppei Seki told TechCrunch that the startup participated in a drone program run by the nation Saudi Aramco held last year for Saudi Vision 2030. 

Saudi’s $500 billion Neom project, a 25,600 km2 city-building project on the Red Sea and Gulf of Aqaba, also will utilize Unifly’s uncrewed traffic solutions for drone services. Terra Drone is the largest shareholder in Unifly, which will work for the Neom project to commercialize drones, aiming to complete the first phase of the project in 2025. 

With the latest funding, Terra Drone plans to set up a new subsidiary, Terra Drone Arabia, wholly owned by Terra Drone, and further promote drone inspections in the region. On top of that, the company plans further international penetration in the Middle East and North Africa (MENA) through the new office in Saudi Arabia.  

Terra Drone currently offers its drone and UAM solutions to 10 countries. Denmark uses Terra Drone’s uncrewed aircraft traffic management (UTM) in Danish health drones and its Health Drone Project to carry blood and medicine. Terra Drone’s UT drone for inspection is certified as a ship inspection by the International Register of Shipping, the Japan-based startup said. 

Since its last fundraising, its subsidiaries’ sales have grown by more than 50%, the company said. 

CEO of Terra Drone Toru Tokushige founded Terra Drone in 2016 to develop drone software like global air traffic management to prevent collisions by enabling safe and efficient drone and urban air mobility operations. 

“Supported by the global track record of Terra Drone, our investment represents a compelling attempt at building the UAM ecosystem in the Kingdom, one that circles a sustainable economy,” said managing director at Wa’ed Ventures Fahad Alidi. “We foresee rapid adoption for UAM technology as an emerging tech vertical in the region, and Terra Drone is well-positioned to localize their innovation across the region, starting with the Kingdom.” 

Japan’s Terra Drone gets $14M lift from Saudi investors by Kate Park originally published on TechCrunch



Search By Category

Recent News

You May Also Like

‘My Company is My Family; My Family is not My Company’, proponent Govindkaka of Shree Ramkrishna Exports Pvt. Ltd honoured with 2022 Hurun Most Respected Family Business of the Year Award

‘My Company is My Family; My Family is not My Company’, proponent Govindkaka of Shree Ramkrishna Exports Pvt. Ltd honoured with 2022 Hurun Most Respected Family Business of the Year Award

Renowned Diamond Baron, Visionary, Industrialist, and Humanitarian, Shri Govind Dholakia sounds stimulating when he says “Our Company has been made into a Family; We haven’t

CricAdda and Sanjay Dutt: A winning combination for sports fans and gamers

CricAdda and Sanjay Dutt: A winning combination for sports fans and gamers

New Delhi (India), February 4: CricAdda, the online sports and fantasy gaming brand, announced that Indian film actor & renowned celebrity Sanjay Dutt has joined

Sakhiya Skin Clinic is India’s No. 1 skin clinic chain

Sakhiya Skin Clinic is India’s No. 1 skin clinic chain

The clinic has performed more than 3 lakh+ safe and painless laser hair removal procedures. Surat (Gujarat) [India], February 4: With more than 3 lakh+ safe

Aditya Prakash, Bollywood Actor and Writer shares his secret of a happy & successful life

Aditya Prakash, Bollywood Actor and Writer shares his secret of a happy & successful life

New Delhi (India), February 4: We caught up with Bollywood Actor and Writer, Aditya Prakash where he spoke about his personal life, movies, his love for old

Darshan Aulakh started his film journey as an actor, today apart from acting, he has also made his own identity in film direction and singing

Darshan Aulakh started his film journey as an actor, today apart from acting, he has also made his own identity in film direction and singing

New Delhi (India), February 4: Darshan Aulakh is a well-known name in Bollywood apart from Punjabi films. Aulakh who made his debut as an actor has also

On This ‘WORLD CANCER DAY’: 8 Best Oncologists Share Their Advice on Increasing Risks of Cancer

On This ‘WORLD CANCER DAY’: 8 Best Oncologists Share Their Advice on Increasing Risks of Cancer

New Delhi (India), February 4: Every year on February 4th, World Cancer Day is observed to raise awareness about the disease and its prevention. Cancer is the