The unmanned aerial vehicles (UAVs), Okulo Aerospace has raised $1 million in a funding round led by Ideaspring Capital with participation from Java Capital, Coimbatore Innovation and Business Incubator (Forge Innovation & Ventures), and a group of angels from Rockfort Ventures.
A press release from the company noted that the funds will support its strategic growth initiatives, including product development, team expansion, and establishing early traction with customers through targeted marketing and sales initiatives.
Dr Parithi Govindaraju, Founder and CEO, Okulo Aerospace, noted that together with the partners, investors, and the supportive regulatory framework in India, the company is confident to lead the way in this dynamic and transformative industry.
Naganand Doraswamy, Managing Partner and Founder, Ideaspring Capital, said, “What sets Okulo Aerospace apart is the long-endurance aspect of their drones, which they have achieved through their proprietary solar-electric propulsion technology and design. With a flight time of over six hours, their UAVs collect more data, providing an unparalleled advantage in sectors that require persistent monitoring, such as Oil & Gas and Ports. Additionally, they are focusing on the defence sector, offering drones specifically designed for long-distance surveillance.”
Bhargavi V, Partner, Java Capital, stated that Okulo Aerospace’s long endurance drones have the potential to evolve into High Altitude Pseudo Satellites (HAPS), positioning them to play a pivotal role in advanced communication systems.
In addition to the funding, Okulo Aerospace has been recognised as a winner of the Innovation for Defense Excellence (iDEX) challenge organised by the Defence Innovation Organisation, Ministry of Defense. The company has also achieved a remarkable feat by attaining a flight time of over six hours with its UAV, positioning it as the longest flight time in its class.
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