Written By Citigroup has been selected by Malaysian drone company, Aerodyne Group, to participate in its latest funding round, which aims to raise up to $30 million. This is not the first time that Aerodyne has turned to Citigroup for financial support, having worked with the bank in previous fundraising efforts. The funding will help Aerodyne continue its mission to provide end-to-end drone solutions to companies across the world.
Aerodyne, founded in 2014, has quickly established itself as a leading provider of drone-based services for various industries, including infrastructure, agriculture, and energy. The company has a global presence with operations in more than 35 countries and has flown more than 500,000 flight hours to date. Aerodyne’s drone services include aerial inspections, mapping, and surveying, which can be used for a wide range of applications, from monitoring crops to inspecting industrial sites.
The decision to turn to Citigroup for funding is not surprising given the bank’s track record of investing in technology companies. Citigroup has a dedicated technology investment team that focuses on identifying and investing in disruptive technology companies. The team has invested in several high-profile technology companies, including Square, Box, and Dropbox. By participating in Aerodyne’s funding round, Citigroup is betting on the potential of the drone industry and Aerodyne’s ability to provide innovative solutions to businesses around the world.
The drone industry has seen tremendous growth in recent years, with the market projected to reach $43.1 billion by 2024, according to MarketsandMarkets. The increased adoption of drones across various industries is expected to drive this growth, as companies seek to leverage the benefits of drone technology to improve efficiency and reduce costs. The COVID-19 pandemic has also accelerated the adoption of drone technology, with drones being used for tasks such as delivering medical supplies and monitoring social distancing measures.
Aerodyne has positioned itself well to take advantage of this growth, having already established partnerships with several major companies, including Microsoft, Deloitte, and Petronas. The company has also made several strategic acquisitions, including Australian drone services provider, Sensorem, and Malaysian drone data analytics firm, Measure and Analyze. These acquisitions have enabled Aerodyne to expand its offerings and provide end-to-end drone solutions to its clients.
While the drone industry holds significant potential, it is not without challenges. One of the main challenges facing the industry is regulation. Many countries have strict regulations governing the use of drones, and the lack of standardization across different regions can make it difficult for drone companies to expand globally. Aerodyne has sought to address this challenge by partnering with regulatory bodies in various countries to ensure compliance with local regulations.
Another challenge facing the drone industry is the need for skilled operators. As the industry continues to grow, the demand for skilled drone operators is expected to increase. To address this challenge, Aerodyne has established a training academy that provides training and certification for drone operators. The academy has trained more than 500 drone pilots to date and aims to train more in the coming years.
In conclusion, Aerodyne’s latest funding round with Citigroup is a testament to the potential of the drone industry and the confidence that investors have in the company’s ability to provide innovative solutions to businesses around the world. As the drone industry continues to grow, companies like Aerodyne will play a crucial role in enabling businesses to leverage the benefits of drone technology. However, as the industry faces challenges such as regulation and the need for skilled operators, it will be important for companies to continue to innovate and adapt to ensure their continued success.
