Terra Drone Raises $14 Million from Aramco's Wa'ed Ventures
Summary
Terra Drone is the first Asian startup to raise funding from Waed Ventures, the venture capital arm of the oil and gas giant and the 2nd biggest company in the world by market cap, Aramco The company will establish a new subsidiary for its operations in Saudi Arabia to conduct drone survey, inspection and unmanned traffic management (UTM) across various projects in Saudi ArabiaTOKYO, January 25, 2023 Terra Drone Corporation, a leading drone, and Urban Air Mobility (UAM) technology provider, has raised $14 million in funding from Waed Ventures, the venture capital arm of the biggest oil producer in the world, Aramco. Technology is at the heart of this initiative, and the Saudi government is focusing its efforts on promoting the use of drones in services such as asset inspections.Waed Ventures was formed in 2013 specifically to boost tech-based innovation in the Kingdom by investing in startups that can become national champions and fill critical gaps in the Saudi economy. We have built up a solid track record both domestically and internationally up to this point, and have grown to be recognized as the top drone service provider in the world. Our indigenous and patented drone surveying and inspection solutions are being leveraged by the oil and gas, chemical, and construction industries in Japan and abroad. For more information, please visit: http://aramco2023.terra-drone.net/en (Special Site), https://pro.form-mailer.jp/fms/dc9eb557276524 (Contact Form)For more information, please contact:Waed Ventures is a $200 million institutional venture capital firm wholly owned by Aramco to promote economic diversification and new business growth in the Kingdom by investing in high-growth tech startups across multiple sectors.