IdeaForge Raises $20 Million Led By Florintree The fund will be used to invest in research and development, international expansion and building a world-class team
By Teena Jose
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Drone manufacturer ideaForge has raised $20 million led by Florintree. The round also saw participation from Celesta (tech investment fund), Infosys, Qualcomm and Infina along with Exim Bank of India. The fund raised will be utilised to invest in research and development, international expansion and building a world-class team.
"ideaForge is very happy to be associated with Florintree, which has proven track record of helping organisations unlock enterprise value. ideaForge has grown 10 times in the last two years and we want to continue to create reliable and autonomous drones," said Ankit Mehta, co-founder and CEO, ideaForge.
In India, ideaForge has the largest market share in the security, surveillance and industrial market for drones. Its customers have conducted over 230,000 missions using its drones. Its customers include the Indian Navy, Air Force, State Police Forces, BSF, NSG, CRPF and so on, claimed the company in a statement.
"While the industry has proliferated in the last few years on the back of government policy, we expect ideaForge with its focus on building indigenous hardware within house software subsystems to gain an outsized market share in a rapidly growing industry," said Mathew Cyriac, executive chairman, Florintree.
Founded in 2007, ideaForge is built on a strong foundation of interdisciplinary engineering that offer class performance, reliability and autonomy. Industrial inspections, precision in agriculture, pipeline monitoring and mapping are some of the specialities of the company.
