TOKYO, March 22, 2022 /PRNewswire/ — Drone and urban air mobility (UAM) technology company Terra Drone Corporation announced today that it has raised $70 million (8 billion Japanese yen) in a Series B financing with investments from Mitsui & Co., Ltd., SBI Investment Co., Ltd., Tokyu Land Corporation, Kyushu Electric Power T&D and Seika Corporation. The round also saw funding from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) – a public-private infrastructure fund of the Japanese Ministry of Land, Infrastructure, Transport and Tourism (MLIT) – to the newly created joint venture, as well as participation from existing investor Venture Lab Investment.
“Our airspace is going to get more crowded than ever, but most companies today are just focused on hardware development,” says Toru Tokushigefounder and CEO of Drone Earth. “There is an urgent need for a comprehensive air traffic management solution to enable safe and efficient drone and UAM operations, and Drone Earth aims to be the leading player in building the digital infrastructure in the sky.”
To this end, Drone Earth works with the Japan Aerospace Exploration Agency (JAXA) to coordinate flight management of manned and unmanned aircraft.
Meanwhile, in the drone inspection vertical, NetherlandsThe Terra Inspectioneering-based group company serves oil and gas production and processing companies such as Shell, BASF and Bunge. In South East Asia, Drone Earth offers survey, inspection and surveillance services through the group company Terra Drone Indonesia, whose clients include Chevron, ConocoPhillips and AECOM.
The company is further improving safety and efficiency in many other industries by implementing drone-based solutions around the world.
“A focus on increasing recurring revenue through the sale of survey-grade hardware and cloud-based software such as Terra LiDAR; providing specialist solutions such as ultrasonic (UT) thickness measurements and non-destructive testing (NDT) using drones through Terra Inspectioneering; and a strategic consolidation of overseas operations has positioned us well for success. With this latest round of funding, we will be able to scale up our operations and innovate faster,” said Tokushige.
Drone Earth will continue its commitment to “Evolving the world from above”.
On Drone Earth
Founded in 2016, Drone Earth is a leading drone and urban air mobility (UAM) technology company providing drone hardware and cloud-based software for survey and inspection such as Terra Lidar and ultrasonic thickness measurement NDT. Also, in the field of UTM for drones and UAM, we carried out a partial transfer of technology from JAXA in Japan.
We are the world’s largest provider of industrial drone solutions, with offices everywhere Japanincluding his Tokyo head office and overseas operations mainly in Europe and South East Asia. We have been ranked #1 in the world in the “Drone Services Companies Worldwide Ranking 2020” by Drone Industry Insights, a global drone market research organization, for two consecutive years and raised Series B funding in March 2022bringing total funding to $83 million.
SOURCE Terra Drone Corporation