Mumbai: Mumbai headquartered drone startup ideaForge Technology has raised $2 million (about Rs 15 crore) from venture debt and banking financial company (NBFC) BlackSoil.
SWITCH is a vertical takeoff and landing (VTOL) UAV with advanced capabilities of operating at high altitudes and difficult climatic conditions for day and night surveillance.
The fresh funds will be used to meet the working capital requirements of ideaForge, according to a statement.
“The funds, along with recent fundraise from Infosys and other investors will support ideaForge in the execution of our burgeoning order book, and we hope to build on this relationship and catapult the company into the next phase of growth,” Ankit Mehta, co-founder, and CEO of ideaForge said.
Founded by Mehta, Rahul Singh, Ashish Bhat, and Vipul Joshi in 2007, ideaForge serves a number of homeland and security agencies in the country and has its product portfolio of drones that have been developed keeping in mind the use cases relevant to India.
The company claims to have a range of customizable products for various applications and it has applied for more than 20 patents in the Indian and International markets. Since inception, it has deployed more than 1,000 drones.