According to its group chief executive, Malaysia-based Aerodyne Group, which offers drone services, plans to raise between $100 million and $200 million in its Series C funding round.
“We are targeting $100 million to $200 million,” its founder and Group Chief Executive Officer Kamarul A Muhamed, who is also the founder, told as per media reports.
Kamarul added that the funding round will be for expansion and merger and acquisition (M&A), but he withheld the funding round’s schedule. “M&A is for market access and technology,” he continued.
In February of this year, Aerodyne made the announcement that it had entered the Italian market by making a strategic investment in the Rome-based drone service provider Aiviewgroup. To further strengthen its position in Latin America, Aerodyne purchased a majority stake in Grupo DR1, a professional drone operator and service provider in Brazil, in December of last year.
Following its bridging round in September of last year, Aerodyne plans to raise a Series C round as well.
At that time, the company declared that its most recent bridging round had brought in $30 million. Through its corporate venture capital arm Petronas Ventures, its longtime client and national oil company of Malaysia, Petronas, has led the funding round.
Additionally, Kumpulan Wang Persaraan Diperbadankan (KWAP), which had previously invested in the group in 2020, made a follow-up investment in the round.
The company’s initial public offering (IPO) will be the next significant achievement, according to Kamarul, who also mentioned this during a BEYOND Sustainability Summit panel discussion on agritech.
Strategic partners ACSL, a drone and robotics technology company, and Real Tech Fund, a venture capital firm, are among the Japanese investors who support Aerodyne. InterVest, Kejora Ventures, North Summit Capital, Indorama Corp, Leave a Nest, Axiata Digital Innovation Fund, Gobi Ventures, 500 Startups, and ventureTECH are just a few of the investors in it.
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