Terra Drone Corporation has secured JPY 1.5 billion (USD 14.4 million) in Series A funding.
The fundraising was organised by INPEX, Japan’s largest oil and gas exploration and production company, and Nanto CVC No.2 Investment LLP through third-party allotment, and with several financial institutions through loan agreement.
The investment will allow Terra Drone to further develop technologies and grow the client base, the company said. The drone-based solutions will contribute to the industries by enhancing safety and efficiency.
Although severely affected by Covid-19, Terra Drone increased its revenue and profits in 2020. The consolidated annual revenue is approximately USD 20 million.
Toshio Todoroki, general manager, Technology Department, Digital Transformation Unit, at INPEX Corporation, said: “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.”