Aereo, a commercial drone solutions startup, has successfully secured $15 million in a Series B funding round led by 360 ONE Asset. The round also saw participation from existing investors StartupXseed Ventures and Navam Capital.
This latest investment follows a previous funding round where Aereo raised $6.44 million at a post-money valuation of $25.5 million, with contributions from GrowX Ventures, StartupXseed Ventures, Anicut Capital, and other investors.
Aereo announced in a press release that the fresh funds will be utilized to expand its aerial intelligence solutions for capital asset management. Co-founded in 2013 by Vipul Singh and Suhas Banshiwala, Aereo operates in the B2B space, catering to high-tech, aerospace, maritime, and defense tech market segments.
Aereo has established itself as a key player in various initiatives, including Coal India Limited’s Digicoal project. The company provides critical business intelligence for some of the world’s largest coal mines to enhance productivity. Additionally, Aereo has been collaborating with Tata Steel since 2019, assisting in the digitalization of over 27 critical mines and stockyards.
The Bengaluru-based company has also made significant strides in government projects. It has mapped over 45,000 villages under the SVAMITVA scheme and covered more than 50,000 sq. km of land area for the Digital India Land Record Modernization Program (DILRMP).
Aereo operates in a competitive landscape with notable players such as Skylark Drones, IdeaForge, Garuda Aerospace, DroneAcharya Aerial, and Dhaksha Unmanned Systems.
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