ideaForge is a research and development tech firm that specializes in the production and innovation of drones. The company was established 15 years ago back in 2007, and is based in Mumbai.
The company recently secured an investment worth $20 million USD in their latest round of funding led by Mumbai based fund management firm, Florintree.
Other existing funders such as Infosys, Qualcomm and a few other companies also took part in this round of funding establishing their trust in the drone company.
When asked, what they plan to do with the newly obtained fresh funds, the chief executive officer of the firm, Mr. Ankit Mehta said that they will be utilizing the funds to expand to other countries, invest in research and development to be the pioneers of drone innovation and employ more people to strengthen their team.
Florintree’s executive chairman, Mr. Matthew Cyriac commented on the recent round of investments by saying that although the number players in the drone market have increased a lot over the past few years due to the government’s relaxation of laws, he is still confident that ideaForge can still capture most of the market share and be the pioneers in the world of drone in India and around the world. They plan to do this by prioritizing hardware and software subsystems.
Ever since the company was established back in 2007, the company has found a lot of success in their products and has even seen many of their customers coming back to them. Many of these of customers include the Indian Army, Navy, local police forces and many other government agencies.
The government recently started a production-based incentive scheme for the drone industry. Many companies applied to avail the benefits and ideaForge were one of the companies that made the shortlist. This is also a huge bonus for the company and its shareholders as they now receive benefits and cashbacks from the government.
The use of drones has been hitting the limelight over the past few years due to the fact that they are controlled remotely, are compact, strong and can travel into restricted areas without be undetected. Armies around the world have been investing in the research of drones as they can be used to capture footage of restricted areas, they can be used to deliver packages in areas that are difficult to traverse through such as high-altitude areas. The drone industry is going through a revolution and we should keep an eye on this ever-changing industry.