Drone Tech Startup Urban Matrix Raises Rs 6 Cr in Pre-Series A Round
- ByStartupStory | October 26, 2023
UrbanMatrix Technologies, a pioneering drone technology startup, has secured Rs. 6 Crores in a Pre-series A funding round, with leadership from Inflection Point Ventures (IPV). The newly acquired funds are earmarked for crucial initiatives including product development, team expansion, and venturing into new markets.
Founded in 2019 by a team of IIT graduates, namely Rishabh Verma, Ashutosh Kumar, Divyanshu Pundir, and Ajay Karthik, UrbanMatrix stands at the forefront of developing robust industrial drones and drone-related software applications. These innovations find applications in a diverse range of sectors such as surveying, surveillance, agriculture, AI-driven inspections, and defense.
What sets UrbanMatrix apart is its dedication to ensuring the utmost data security and reliability for its clients. The company incorporates cutting-edge quantum encryption technology and seamless cloud integration, making drone operations more secure and efficient for various industries.
Vikram Ramasubramanian, a Partner at Inflection Point Ventures, recognizes the potential of the drone industry, particularly in alignment with the Indian government’s vision of Aatmanirbhar Bharat, aiming to establish India as a global drone hub by 2030. IPV is committed to providing strategic support to UrbanMatrix as it scales its operations, given the company’s remarkable success in developing comprehensive drone solutions designed to cater to a wide spectrum of use cases and geographical expansion.
Operating from a 3,000 square feet commercial facility with a dedicated manufacturing area, UrbanMatrix’s commitment to data security and reliability is evident. By implementing quantum encryption and tamper-proofing, the company ensures that data remains uncompromised. Their unique selling point lies in their ability to elevate drone operations, offering advanced, secure, and user-friendly solutions.
Rishabh Verma, CEO & Co-founder of Urban Matrix, highlights the importance of drones in unlocking the skies’ true potential and how technology can address the challenges associated with scaling drone operations.
UrbanMatrix’s achievements include significant partnerships with institutions like ISRO, Paras Aerospace, and ATV. Their impressive credentials include DGCA’s Type Certification for their advanced 4G/5G-enabled drone, UMT Hawk4G, and patented innovations such as NextCC and distinctive drone designs. Awards, such as the Dell Technologies Startup Challenge and the Innovation of the Year 2023 award at the Drone Expo 2023, underscore their influential presence in the industry.
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The drone industry is experiencing rapid growth, with the Indian market projected to reach $200 million in 2023 and expected to surge to $4 billion by 2030. On a global scale, the industry is equally dynamic, with a market size of $30 billion in 2022, predicted to reach an impressive $180 billion by 2030. These figures signify substantial expansion and opportunities in both the Indian and global drone markets over the next decade.
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