Terra Drone, a Japan-based company that builds drone software, hardware and uncrewed aircraft traffic management software, has raised $14 million in Series C funding from Wa’ed Ventures, the venture capital arm of Saudi Aramco.
This marks the VC firm’s first investment in Asia, and brings Terra Drone’s 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 company plans to use the new capital to set up a new subsidiary, Terra Drone Arabia, and further promote drone inspections in the Middle East and North Africa region. With the latest funding, Terra Drone's subsidiaries' sales have grown by more than 50%, according to the company.
The move aligns with Saudi Arabia’s “Vision 2030” plan, which aims to reduce the nation’s dependence on hydrocarbons and promote the use of drones in services. Terra Drone’s technology will be used for fossil fuel inspection services by companies like Saudi Aramco, the world’s largest oil producer.
Terra Drone currently offers its drone and UAM (Unmanned Aerial Vehicles) solutions to 10 countries, including Denmark where it is being used in the Health Drone Project to carry blood and medicine.