Skylark Drones, the only Indian company to rank among the top four drone service providers in the world by Drone Industry Insights, has raised $3 million in a pre-Series A funding round to fuel growth in new geographies. This new funding follows the company’s previous seed funding round, which took place in 2018.
An enterprise drone solutions provider, Skylark is best known for its AI-powered technology products such as Spectra and Drone Mission Ops. It also offers Dronepass, a device to enable drone manufacturers to comply with local airspace regulations. The company is active in mining, solar, real estate, agriculture, and asset inspection sectors. Its clients include ReNew Power, Acciona Energy, Bosch, SoftBank Energy, Tata Steel, and Alstom.
The pre-Series A funding round was co-led by InfoEdge Ventures and IAN Fund. Meanwhile, investors AdvantEdge Founders, Fowler Westrup, Redstart Labs, IKP, and Vimson group also participated.
Stressing that the drone company’s vision is to unlock the economic potential of aerial intelligence, Mughilan Thiru Ramasamy, CEO and cofounder of Skylark Drones, says:
We thank the lead investors of this round and believe the participation of Fowler Westrup, a leading agriculture solution company, and Vimson Group mining conglomerate will help further strengthen the sector-focused solutions we offer our customers.
Meanwhile, Rajnish Kapur, managing partner at IAN Fund, points to the burgeoning drone software market while explaining the rationale behind investing in Skylark Drones. He says:
The global drone software market size is projected to reach $9,961.6 million by 2027, growing at a CAGR of 25.05% between 2020 and 2027. With the rising adoption of advanced technologies such as AI and ML, Skylark Drones’ solutions can unlock potential while increasing productivity and ensuring safety of work-sites. What impressed us most was a strong and unique business model – one that is easily scalable in India and beyond. We are delighted to make this contribution and hope the company marks its presence globally.
In addition to spurring international expansion, Skylark Drones will also use the new funding to enhance its products’ capability to provide actionable insights from drone data.
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