|| Shree Mumba Devi Prasanna ||


AGMARKNET
24 May 2024
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Investment + Finance


Drone tech startup Urban Matrix raises INR 6 Cr in pre-Series A round

Drone tech startup Urban Matrix raises INR 6 Cr in pre-Series A round

Drone tech startup UrbanMatrix Technologies has raised INR 6 Crores in a Pre-series A round led by Inflection Point Ventures. The funds will be allocated towards product development, team expansion and expanding into new markets. 

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BENGALURU, 4 November 2023: Drone tech startup UrbanMatrix Technologies has raised INR 6 Crores in a Pre-series A round led by Inflection Point Ventures. The funds will be allocated towards product development, team expansion and expanding into new markets. 

Founded in 2019 by IIT graduates Rishabh Verma, Ashutosh Kumar, Divyanshu Pundir and Ajay Karthik, UrbanMatrix is a leader in developing powerful industrial drones and softwares used in drones for a variety of use cases including survey, surveillance, agriculture, AI-aided inspection, and defense. The company offers cutting-edge quantum encryption technology along with cloud integration for data safety, guaranteeing top-notch reliability and ease of use for clients across different industries, making drone operations safer and more efficient.

Vikram Ramasubramanian, Partner, Inflection Point Ventures, says, "Drone industry has been growing extensively especially with the government vision of Aatmanirbhar Bharat which aims to shape India as a global drone hub by 2030. The drone industry is a sunrise sector with phenomenal market opportunities, IPV looks forward to extending their strategic support and helping UrbanMatrix scale their business. The company has successfully developed end to end drone solution products which aim to capture a wide range of use cases and expand geographically".

UrbanMatrix operates in a 3,000 square feet commercial space with a dedicated manufacturing area producing. The company uses quantum encryption and tamper-proofing for unrivaled data security, reliability and their USP of elevating drone operations with advanced solutions that are not only highly secure but also scalable and user-friendly, sets them apart, thus making them a top choice in the industry.

Rishabh Verma, CEO & Co-founder, Urban Matrix, says, "Drones are unlocking the true potential of our skies. With increasing acceptance of drone technology by multiple industries, the challenge of scaling drone operations becomes a bottleneck. At UrbanMatrix, we are leveraging cutting-edge cloud technology to solve this challenge."

UrbanMatrix has achieved significant milestones, including key partnerships with ISRO, Paras Aerospace, and ATV. They hold certifications like DGCA's Type Certification for their advanced 4G/5G-enabled drone, UMT Hawk4G, and have secured patents for innovations like NextCC and unique drone designs. Their excellence is further validated through awards such as the Dell Technologies Startup Challenge, highlighting their impactful presence in the industry. NextCC has also recently been awarded the Innovation of the Year 2023 award at the Drone Expo 2023.

The drone industry is growing rapidly, with India's market projected to reach $200 million in 2023 and expected to touch $4 billion by 2030. Globally, the industry is equally dynamic, with a market size of $30 billion in 2022 expected to surge to an impressive $180 billion by 2030. These figures underscore the significant expansion and opportunities in both the Indian and global drone markets over the next decade


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