Mumbai, Maharashtra, India
Silicon Valley based WRV Capital and US/India Investment Fund, IndusAge Partners to lead Rs. 70 Crore round of Funding
Corporate Venture Groups of Infosys and others to participate as Strategic Investors
ideaForge, built its flagship product NETRA in collaboration with Indian Defense Laboratory Defense Research Development Organization (DRDO)
ideaForge Technology Pvt. Ltd., a highly innovative Indian technology leader that builds advanced indigenous Unmanned Aerial Vehicle (UAV), today announced its proposed Series A investment with global technology investors. The round would be led by Silicon Valley based WRV Capital and US-India Investment Fund IndusAge Partners. Amongst other investors, Indian IT major Infosys would also participate in this round of funding. The overall size of the capital raise would be Rs. 70 Crores. The company expects to use this capital for further product development and global market expansion.
ideaForge commands a major share in Indian UAV market and provides both VTOL (Vertical Take-off and Landing) and Fixed Wing UAVs. The Company provides end to end solutions including UAV design, manufacturing, software, services and training.
The company has deployed over 350 systems with the Indian Armed Forces, and has more than 700 trained armed personnel operating these systems in key sensitive areas in Indian defense locations.
“We are delighted to be raising this capital from investors and technology leaders, who have a track record of building and scaling technology platforms on global scale. With this investment, we expect to expand from our leadership position in the Indian Defense Sector to other growing market segments such as Mining, Agriculture, Oil and Gas and other enterprise applications,” said Ankit Mehta, CEO and Co-Founder of ideaForge.
“At IndusAge Partners, we are proud to be backing a technology leader that has built a world class product entirely indigeneously in India. This is a great example of an Indian company with fundamental Intellectual Property (IP) that has the potential to exploit the global market opportunity,” said Sudhir Rao, Managing Partner of IndusAge Partners.
“We are delighted to be a partner with such a dynamic, young company that has proven its technology leadership in the most rigorous of environments, namely the Defense Sector. With this investment we hope to be able to assist the company’s ambition to become a global leader by driving manufacturing efficiences, and expanding to other market segments,” said Nicholas Brathwaite, General Partner of WRV Capital.
The investment is subject to receipt of regulatory approvals and customary closing conditions.
About ideaForge Technology Pvt. Ltd. (www.ideaforge.co.in)
ideaForge Technology Pvt. Ltd, is a next generation Drone Systems company, that builds advanced Unmanned Aerial Vehicles (UAVs), for Defence sector applications such as surveillance and reconnaissance. ideaForge’s products are used extensively for counter insurgency, border management, hostage situations, disaster and crowd management by the armed forces, while it also delivers solutions for industrial and enterprise applications. One of the flagship products of company is NETRA, a man-portable UAV that can be launched from a small clearing by the roadside and made to fly over an area of interest up to a height of 500 m and is capable of sending continuous real time video in both day and night. The UAV has a wide range of over 5 Kms, can be flown for more than 50mins and is a fully autonomous platform, capable of returning to ‘home’ if there is a break in its communication link, its running low on battery or in high winds. NETRA has been developed by ideaForge Technology Pvt. Ltd. in collaboration with Defense Research Development Organization (DRDO, Ministry of Defense, INDIA).
About WRV Capital (www.wrvcapital.com)
WRV Capital is a venture capital firm focusing primarily on early stage investments in hardware, semiconductor and other technology-related companies. It seeks to invest globally in core technology companies. WRV Capital was co-founded by Nicholas Brathwaite, Michael Marks, and Lip-Bu Tan. The firm is headquartered in San Francisco, California, USA.
About IndusAge Partners (www.indusage.com)
IndusAge Partners is a global Venture Investment Fund and Strategic Advisory Firm, providing operational and strategic advisory for a variety of early to growth stage companies in addition to investing in Technology companies both in US and India. IndusAge Partners was founded and managed by Sriram Viswanathan, a Silicon Valley veteran who held several executive management positions at Intel Corporation for over 20 years, and Sudhir Rao, founder of IndusAge Advisors, and founding director of Karvy Investor Services.
About Infosys (www.Infosys.com)
Infosys is a global leader in technology services and consulting. We enable clients in more than 50 countries to create and execute strategies for their digital transformation. From engineering to application development, knowledge management and business process management, we help our clients find the right problems to solve, and to solve these effectively. Our team of 199,000+ innovators, across the globe, is differentiated by the imagination, knowledge and experience, across industries and technologies that we bring to every project we undertake.