IdeaForge Technologies raise $10 million in Series A funding

By | December 23, 2015


IdeaForge, a manufacturer of Netra unmanned aerial vehicles, is in discussion to raise $10 million in Series A round of funding.

IdeaForge



Founded in 2008 by five IIT Bombay graduates, Netra UAVs are a combined effort with the Defense Research and Development Organization. The company’s drone have been used in various situations like Ganesh immersions in Mumbai in 2012, Saharanpur riots, the Pune landslide, Nepal earthquake and even during Uttarakhand flood relief operations.



Though the names of the investors for the firms has not been disclosed, it has been working to raise another round of funding. Ankit Mehta, co-founder and CEO of IdeaForge Technology said, “We hope to close the round by early next year. We have started talks with a number of corporates. We are looking at commercial uses very seriously and are interacting with industries which require scale deployment of UAVs. A lot will depend on the regulations. We are also giving our inputs to policy makers.”

Though the use of drones have been banned by the Directorate General of Civil Aviation until the guidelines have been finalized, the Union government is working to develop a comprehensive policy on the use of drones and is due to receive inputs from various ministries.



Mehta added, “We have started talks with a number of corporates. We are looking at commercial uses very seriously and are interacting with industries which require scale deployment of UAVs. A lot will depend on the regulations. We are also giving our inputs to policy makers. Any activity which needs to be done at a large-scale needs UAVs. We are the only company in the world, which can deliver such operations on scale and while remaining portable (the vehicles can be carried on cars as well as bikes).”