Okulo Aerospace, a leading innovator in the field of long endurance unmanned aerial vehicles (UAVs), announced that it has raised $1 million in a funding round led by Ideaspring Capital with participation from Java Capital, Coimbatore Innovation and Business Incubator (Forge Innovation & Ventures), and a group of angels from Rockfort Ventures.
The capital infusion will be instrumental in supporting Okulo Aerospace’s strategic growth initiatives, including product development, team expansion, and establishing early traction with customers through targeted marketing and sales initiatives, the statement said.
Commenting on the funding, Dr. Parithi Govindaraju, Founder & CEO, Okulo Aerospace said, “As the drone market evolves, we recognize the growing significance of long endurance drones and persistent aerial monitoring. At Okulo Aerospace, we are at the forefront of this transformation, developing cutting-edge aerial vehicles that enable extended flights and continuous data acquisition. Our innovative solutions are designed to cater to the needs of both enterprise and defense sectors, providing them with invaluable insights for informed and accelerated decision making.”
With the ability to harness persistent aerial data acquisition, Okulo Aerospace’s solutions have the potential to revolutionize various industries. By optimizing operations, enhancing situational awareness, and aiding in critical defense operations, their aerial vehicles enable stakeholders to make informed decisions with speed and precision, according to the statement.
“We are committed to pioneering the future of aerial intelligence and shaping the landscape of tomorrow,” Dr. Parithi Govindaraju added. “Together with our partners, investors, and the supportive regulatory framework in India, we are confident in our ability to lead the way in this dynamic and transformative industry.”
“What sets Okulo Aerospace apart is the long-endurance aspect of their drones, which they have achieved through their proprietary solar-electric propulsion technology and design. With a flight time of over 6 hours, their UAVs collect more data, providing an unparalleled advantage in sectors that require persistent monitoring, such as Oil & Gas and Ports. Additionally, they are focusing on the defense sector, offering drones specifically designed for long-distance surveillance. With Parithi’s deep experience in this space and his team’s expertise, they are uniquely positioned to bring this innovation to the drone industry.” Naganand doraswamy, Managing Partner & Founder, Ideaspring Capital
“Okulo Aerospace is uniquely positioned at the convergence of cost-efficient UAVs with enhanced monitoring capabilities and clean energy-powered pseudo-satellites. Okulo Aerospace has the ability to offer asset-light solutions to its customers by providing valuable processed data. Furthermore, Okulo Aerospace’s long endurance drones have the potential to evolve into High Altitude Pseudo Satellites (HAPS), positioning them to play a pivotal role in advanced communication systems. We are excited to support Okulo Aerospace as they drive innovation in the aerospace industry” Bhargavi V, Partner, Java Capital.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.