Drone manufacturer ideaForge raises $20M led by Florintree

ideaForge has closed its Series B funding round of $20 million. The round was led by Florintree, Celesta Capital, Infosys, Qualcomm, Infina, along with the Exim Bank of India.

ideaForge has grown 10 times in the last two years and we will use this funding to invest in R&D, international expansion, and building a world-class team. The company want to continue to create high level performance, reliable, and autonomous drones that inspire the adoption of this technology.

ideaForge was founded by IIT Bombay alumni in the year 2007. ideaForge is backed by more than 15 years of research and development (R&D) with over 20 global patents. The company dominates the Indian market with its drones being employed by the defense sector, homeland security, and enterprise customers.

ideaForge guarantees to be having repeat contracts from the Indian Army for its SWITCH UAVs. In the list of customers it includes the Indian Navy, Air Force, State Police Forces, BSF, NSG, CRPF, Adani, L&T, Indian Oil, Survey of India, Indian Railways, and so on.

EXECUTIVE OPINION:

Ankit Mehta, Co-founder & CEO, ideaForge, said, “ideaForge is very happy to be associated with Florintree, which has a proven track record of helping organizations unlock enterprise value."

Mathew Cyriac, Executive Chairman, Florintree Advisors, said, “Florintree has been tracking the drone sector closely for the last two years and ideaForge is one of the few globally competitive full stack players in the sector with scale and profitability. The strong order book built by the company is testament to the R&D work done by the team over the last 15 years and they are primed to grow exponentially."

"While the industry has proliferated in the last few years on the back of government policy, we expect ideaForge with its focus on building indigenous hardware within house software subsystems to gain an outsized market share in a rapidly growing industry.”

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Drone manufacturer ideaForge raises $20M led by Florintree

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