Bengaluru, July 17, 2024 — Aereo, formerly known as Aarav Unmanned Systems, has successfully concluded its Series B funding round at $15 million, with the latest tranche led by 360 ONE Asset. The funding round also saw participation from StartupXseed Ventures and Navam Capital, marking a significant milestone in the company’s growth trajectory.
Vipul Singh, co-founder and CEO of Aereo, expressed enthusiasm about the funding milestone, highlighting its strategic implications for the company’s expansion in aerial intelligence solutions for capital asset management. “With our proprietary drone technology and the partnership with 360 ONE Asset, we aim to revolutionize the $10 billion industry and establish a global footprint,” Singh stated confidently.
According to Aereo, the Series B investment will fuel the company’s growth initiatives, particularly focusing on automation. The company’s AI-powered drone data analytics platform is poised to drive significant advancements in automation and digitization across various sectors.
“We are excited about the confidence our customers and shareholders have shown and are gearing up for an orbital shift,” remarked Suhas Banshiwala, co-founder and CTO of Aereo, emphasizing the company’s readiness to leverage the latest funding to propel innovation and market expansion.
Founded in 2013 by Singh and Banshiwala, Aereo specializes in developing commercial-grade drones and providing drone-based solutions tailored for enterprise applications. Its offerings span industries such as mining, infrastructure, urban planning, irrigation, energy, and agriculture, delivering business intelligence solutions through proprietary drones and advanced AI analytics.
Aereo’s sector-specific solutions have driven substantial growth, with the company reporting a remarkable 400% revenue increase over the past two years and establishing a strong market presence.
The company’s accolades include recognition by the Asian Infrastructure Investment Bank (AIIB) as one of the top three infra-tech organizations. Since 2019, Aereo has collaborated closely with Tata Steel, facilitating the digitalization of over 27 critical mines and stockyards, underscoring its impact on industrial digitization efforts.
