Mumbai-based ideaForge, a startup focused on building drones has secured $10 million in Series A investment round from Infosys, WRV Capital and IndusAge Partners. Infosys has invested an undisclosed amount in the company, through its $500 million Innovation Fund.
The funds raised will be used in R&D and business development, the company said.
Founded in 2007 by three IIT-Bombay graduates, ideaForge’s drones have been used by the Indian Armed Forces for surveillance, crowd monitoring and rescue operations, and have commercial applications in verticals such as energy, utilities, telecom, and agriculture.
“We are looking forward to working with ideaForge and bringing their technology, expertise, and solutions to our clients to unlock new business insights from operational data that has previously been difficult to obtain,” said Ritika Suri, Executive Vice- President & Global Head of Corporate Development & Ventures at Infosys.
Ankit Mehta, co-founder and CEO at ideaForge, said that the backing from Infosys will help the company in playing an important role in its industrial expansion to address a wide variety of data acquisition and analysis needs.
ideaForge said that the investment is subject to receipt of regulatory approvals and customary closing conditions.
