Tokyo-based Terra Drone secures $14.4 million in Series A funding to accelerate growth
It’s been well over a year since we last covered Terra Drone, a Tokyo, Japan-based drone startup and one of the world’s largest providers of industrial drone solutions. Today, Terra Drone announced it has closed $14.4 million (JPY 1.5 billion) in Series A round to further develop technologies and grow the client base. Terra Drone said the new drone-based solutions will contribute to the industries by enhancing safety and efficiency.
Backers for this round include INPEX, Japan’s largest oil and gas exploration and production company, and Nanto CVC No.2 Investment LLP (General Partner: Venture Labo Investment and Nanto Capital Partners, a wholly-owned subsidiary of Nanto Bank) through a third-party allotment, and with several financial institutions through the loan agreement.
Terra Drone said the new capital infusion will allow the company to further develop technologies and grow the client base. The drone-based solutions will contribute to the industries by enhancing safety and efficiency.
Founded in 2016, the Tokyo, Japan-based Terra Drone provides innovative enterprise drone services for oil and gas, utilities, renewables, mining, construction, and GIS sectors, among others. Terra Drone provides end-to-end solutions specializing in each sector by using high-performance hardware, cutting-edge software, and customizable drone traffic management systems (UTM).
Terra Drone has experienced explosive growth since 2018. Last year, Terra Drone was recognized as the ‘No 1 Global Remote Sensing Drone Service Provider’ in the ‘Drone Service Provider Ranking 2020’ by Drone Industry Insights, a global drone market research company. Although severely affected by Covid-19, Terra Drone increased its revenue and profits in 2020. The consolidated annual revenue is approximately USD 20 million.