Saudi Aramco invests $14 million in Terra Drone
Saudi Arabian fossil fuel businesses will use Terra Drone's technology for inspection services.
(Web Desk) - Wa ed Ventures, the venture capital arm of Saudi Aramco, said it has invested $14 million in Series C funding in Terra Drone. This is the VC firm s first investment in Asia.
The business, which has its headquarters in Japan and develops hardware, software and uncrewed aircraft traffic control systems said the additional funding takes its total capital raised since its founding in 2016 to $97 million.
Teppei Seki, head of Terra Drone, said that the business took part in a Saudi Aramco-sponsored drone initiative last year for Saudi Vision 2030. The move was made to keep with Saudi strategy which outlines objectives to lessen the country s reliance on hydrocarbons and boost the use of drones in services.
Saudi Arabian fossil fuel businesses will use Terra Drone s technology for inspection services.