Indian drone manufacturer ideaForge Technology Pvt. Ltd has reportedly secured a Series B funding of USD 20 million led by Florintree Advisors, spearheaded by Mathew Cyriac. The round also witnessed participation from current investors like Celesta Capital, Qualcomm, Infosys, Infina, and Exim Bank of India.

Commenting on the development, CEO and Co-Founder Ankit Mehta expressed that the company would use the proceeds to invest in global expansion, research & development, and building a top-class team.

Mehta added that the company is delighted to collaborate with Florintree due to its proven record of assisting organizations in unlocking enterprise value.

Founded by IIT Bombay alumni in 2007, ideaForge is supported by over 15 years of research and development with more than 20 global patents. It leads the Indian market with the deployment of its drones across homeland security, defense sector, and enterprise customers.

As per claims, the company has been receiving repeat orders for its SWITCH UAVs from the Indian Army and other customers including State Police Forces, India Air Force, Navy, BSF, CRPF, NSG, L&T, Adani, Survey of India, Indian Oil, Indian Railways among others.

Speaking on ideaForge, Mathew Cyriac revealed that Florintree has been closely observing the drone industry for the past two years and the Navi Mumbai-based company is one of the few competitive players with profitability and scale.

Cyriac also noted that ideaForge’s strong order portfolio showcases the research and development work performed by the team over the past fifteen years and it is expected to proliferate significantly.

While the drone sector has grown in the last few years with favorable government policy, it is expected that ideaForge, with its focus on developing original hardware with in-house software subsystems, will account for a significant market share in an industry that is growing rapidly.

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