A Japanese startup that creates drone technology has received $14M from Saudi Aramco’s venture capital fund. The startup plans to establish a subsidiary in the kingdom that will offer oil and gas inspection services.
According to a statement released by Wa’ed Ventures on Tuesday, according to Zawya, the new subsidiary would also aid Terra Drone, one of the top two drone service providers in the world, in continuing its international expansion. Currently, Terra Drone offers drone and UAM solutions in ten different nations.
By investing in high-growth tech start-ups in a variety of industries, the $200M fund helps Saudi Arabia’s objectives to encourage the diversification of the oil-based economy. Wa’ed Ventures took part in the $108M investment round for Paris-based quantum computing start-up PASQAL earlier this week.
