Terra Drone raises $14mln from Aramco’s Wa’ed Ventures

Terra Drone raises $14mln from Aramco’s Wa’ed Ventures

The company will establish a new subsidiary for its operations in Saudi Arabia to conduct drone survey, inspection and unmanned traffic management (UTM) in Saudi Arabia

TOKYO/PRNewswire/ -- Terra Drone Corporation, a leading drone and Urban Air Mobility (UAM) technology provider, has raised $14 million in funding from Wa'ed Ventures, the venture capital arm of the biggest oil producer in the world, Aramco. With this financing, Terra Drone will set up a new subsidiary in the Kingdom of Saudi Arabia, Terra Drone Arabia, in line with the Saudi government's "Vision 2030."

First announced in 2016, the Vision 2030 reform plan aims to stimulate economic transformation in Saudi Arabia by reducing the country's dependence on hydrocarbons. Technology is at the heart of this initiative and the Saudi government is focusing its efforts to promote the use of drones in services such as asset inspections.

Wa'ed Ventures was founded in 2013 and specializes in fostering innovation by investing in startups to develop the Saudi Arabian economy. This is the first time Wa'ed Ventures is investing in an Asian startup, which is a testament to Terra Drone's vision, state-of-the-art digital solutions, and cutting-edge drone technologies. Terra Drone will support a new subsidiary by taking advantage of