Global investment in the drone industry continues, as leading drone services provider Terra Drone funding increases by a $14.4 million Series A round.
Terra Drone Corporation has had a steep rise since starting in Japan in 2016, to be named a top Drone Services Provider Drone Industry Insights last year. Today, the company announced that they have close a JPY 1.5 billion (USD 14.4 million) Series A round. “The fundraising was organised by 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 third-party allotment, and with several financial institutions through loan agreement.”
Terra Drone has grown by forming global partnerships, opening services centers around the world. They’ve acquired industry-specific expertise, allowing the company to serve multiple enterprise verticals, including the lucrative oil and gas market. The Terra Drone funding announcement says that current consolidated annual revenue is approximately USD 20 million, indicating that the company has achieved an enviable customer base in less than five years – and the investment will go to further growing that client base, along with developing new technologies, says the announcement.
Japanese investors say that Terra Drone’s success is good for Japan, matching national goals to take a leading place in the fourth industrial revolution.
“While there are a number of drone companies in the world, Terra Drone is focused on providing industrial drone solutions while possessing unique patented technologies for drones and sensors. They also have a vast experience of onshore and offshore drone inspection, with major oil & gas companies in the world. Terra Drone is the only drone company in Japan, targeting to be the No.1 global company as a drone solution provider.
In INPEX ‘s ‘Business Development Strategy – Towards a Net Zero Carbon Society by 2050’ which was announced on 27th January, 2021, it has stated that one of our plans is to ‘Develop new business and technology, by proactively collaborating with startups’, and this investment in Terra Drone, perfectly matches with the concept.
Together with Terra Drone, we aim to create a sustainable energy business with diversity that will lead Japan and the world to the next era,” said Toshio Todoroki, General Manager of the Digital Transformation Unit at INPEX Corporation.
“We believe Terra Drone can lead the drone industry by leveraging its high level technical/operational capability, global presence, and the speed of growth. We have known Terra Drone since its inception 5 years ago. The progress is outstanding, and it is a pleasure for us to be a part of the journey.
The source of their growth is derived from the foresight and courage of serial entrepreneur Toru Tokushige, Founder/CEO, and the excellent team members around the world, who are making the breakthroughs.
We will support Terra Drone to become a major international company from Japan,” said Daiji Yamanaka, Managing Director of Venture Labo Investment.