Malaysia’s drone tech company Aerodyne Group has raised USD 30 million in its Series B investment round led by InterVest/Kejora Ventures, according to a statement released by the company.
VentureTECH, Gobi Partners, and 500 Startups also participated in this round.
According to Aerodyne, the fresh funds will be used to ramp up its expansion plan into key markets like Japan, India, United States, and the Middle East. It will also channel a portion of the capital to support mergers and acquisitions, hire talent globally, and to invest in R&D and technology.
The latest round comes just a few months after the company raised an undisclosed amount in its Series A round from the Japan-based Drone Fund.
Founded in 2014, the Malaysia-headquartered company uses analytics and smart sensors to provide drone-based solutions to its clients in the oil & gas, power, telecoms, renewables, construction, agriculture, and infrastructure industries.
It currently operates in 25 countries and has offices in Australia, Malaysia, Singapore, UAE, Saudi Arabia, Indonesia, and the United Kingdom.
In Malaysia, Aerodyne’s clients include PNB, Petronas, Tenaga National Berhad, MRCB, Sunway Construction, e.co, and Sime Darby.
Currently, there are at least four different authorities regulating drone usage and development in Malaysia. The global market for drones is expected to hit USD 100 billion by 2020, supported by rising demand from the commercial and civil government sectors, according to Goldman Sachs Research.