JSW Ventures picks up stake worth $1.8 mn in drone tech firm Aereo
JSW Ventures pitches itself as an early-stage institutional venture capital fund sponsored by the family office of JSW Group. | Photo: JSW Ventures
JSW Ventures, an arm of diversified conglomerate JSW Group, on Monday said it has picked up a stake in drone technology entity Aereo for $ 1.8 million.
Aereo uses drone technology and AI-driven data analytics to help clients in asset management in sectors including mining and infrastructure, a statement by JSW Ventures said. The company raised the funds as part of Series B funding round.
Click here to connect with us on WhatsApp
Aereo, which is delivering operating profits, will be utilising the funds for strengthening its offerings and also expanding into international markets, it said.
The company has helped the government map over 45,000 villages over the last three years and cover more than 50,000 square kilometer for the Digital India Land Record Modernization Program (DILRMP), the statement said.
Aereo Co-founder and chief executive Vipul Singh said JSW’s trust and support is a strong testament to its approach, and its mission to transform asset management through drone technology.
JSW Ventures’ managing partner Sachin Tagra said the dronetech space has experienced tremendous growth in recent years, driven by government initiatives such as the Drone Regulations of 2021 and Aereo is at the forefront of this transformation.
The company has filed 15 patents covering advancements in drone hardware, design, and predictive flight planning technologies.
JSW Ventures pitches itself as an early-stage institutional venture capital fund sponsored by the family office of JSW Group which invests in technology-led startups.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 07 2024 | 3:31 PM IST