According to the company's statement, the raised capital will be allocated towards product development, team expansion and expanding into new markets.
What does UrbanMatrix do?
Founded in 2019 by IIT graduates Rishabh Verma, Ashutosh Kumar, Divyanshu Pundir and Ajay Karthik, UrbanMatrix is developing powerful industrial drones and software used in drones for a variety of use cases including survey, surveillance, agriculture, AI-aided inspection, and defence.
The startup offers cutting-edge quantum encryption technology along with cloud integration for data safety, guaranteeing top-notch reliability and ease of use for clients across different industries, making drone operations safer and more efficient.
What do investors say about UrbanMatrix?
Vikram Ramasubramanian, Partner, Inflection Point Ventures, said, “Drone industry has been growing extensively especially with the government vision of Aatmanirbhar Bharat which aims to shape India as a global drone hub by 2030. The drone industry is a sunrise sector with phenomenal market opportunities, IPV looks forward to extending their strategic support and helping UrbanMatrix scale their business."
Vikram further said the startup has developed end-to-end drone solution products that aim to capture a wide range of use cases and expand geographically.
Using quantum encryption and tamper-proofing
UrbanMatrix said that it operates out of a 3,000-square-foot commercial space with a specific area designated for manufacturing.
It employs quantum encryption and tamper-proofing techniques to enhance data security and reliability. The startup claims that its approach to drone operations emphasizes advanced, secure, scalable, and user-friendly solutions.
Rishabh Verma, CEO & Co-founder, Urban Matrix, said, “Drones are unlocking the true potential of our skies. With increasing acceptance of drone technology by multiple industries, the challenge of scaling drone operations becomes a bottleneck. At UrbanMatrix, we are leveraging cutting-edge cloud technology to solve this challenge.”
Partnerships with notable institutions
UrbanMatrix has key partnerships with ISRO, Paras Aerospace, and ATV. The startup also holds certifications like DGCA's Type Certification for their advanced 4G/5G-enabled drone, UMT Hawk4G, and has secured patents for innovations like NextCC and unique drone designs.
Globally, the industry is equally dynamic, with a market size of $30 billion in 2022 expected to surge to an impressive $180 billion by 2030. These figures underscore the significant expansion and opportunities in both the Indian and global drone markets over the next decade.