Okulo Aerospace Raises $1 Million in Funding Round Led by Ideaspring Capital
- ByStartupStory | July 11, 2023
Okulo Aerospace, a provider of unmanned aerial vehicles (UAVs), has successfully raised $1 million in a funding round led by Ideaspring Capital. The round also saw participation from Java Capital, Coimbatore Innovation and Business Incubator (Forge Innovation & Ventures), and a group of angels from Rockfort Ventures.
The funds raised will be utilized to support Okulo Aerospace’s strategic growth initiatives, including product development, team expansion, and establishing early traction with customers through targeted marketing and sales efforts. The company aims to further enhance its position in the dynamic and transformative UAV industry with the support of its partners, investors, and the favorable regulatory framework in India.
Dr. Parithi Govindaraju, Founder and CEO of Okulo Aerospace, expressed confidence in the company’s ability to lead the industry, stating, “With the backing of our partners and investors, as well as the supportive regulatory environment in India, we are poised to make significant strides in this dynamic and transformative industry.”
Naganand Doraswamy, Managing Partner and Founder of Ideaspring Capital, highlighted the unique value proposition of Okulo Aerospace’s drones, stating, “What sets Okulo Aerospace apart is the long-endurance aspect of their drones, which they have achieved through their proprietary solar-electric propulsion technology and design. With a flight time of over six hours, their UAVs collect more data, providing an unparalleled advantage in sectors that require persistent monitoring, such as Oil & Gas and Ports. Additionally, they are focusing on the defense sector, offering drones specifically designed for long-distance surveillance.”
Bhargavi V, Partner at Java Capital, acknowledged the potential of Okulo Aerospace’s long-endurance drones to evolve into High Altitude Pseudo Satellites (HAPS), emphasizing their potential role in advanced communication systems.
In addition to the funding success, Okulo Aerospace has been recognized as a winner of the Innovation for Defense Excellence (iDEX) challenge organized by the Defence Innovation Organisation, Ministry of Defense. The company has achieved a remarkable feat by attaining a flight time of over six hours with its UAV, positioning it as a market leader in terms of endurance in its class.
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