Crux: Japanese drone company has raised $14 million from Saudi Aramco’s venture capital arm to boost its expansion into the Kingdom.
Saudi Aramco, the world’s leading oil producer, has announced a multi-million dollar investment in Japanese drone and air mobility technology company Terra Drone.
Aramco’s Wa’ed Ventures will invest $14 million in the Tokyo-based drone company which will set up a new subsidiary, Terra Drone Arabia, in line with Saudi Arabia’s “Vision 2030”. This is the $200 million Saudi fund’s first investment in East Asia.
“Supported by the global track record of Terra Drone, our investment represents our commitment towards building the UAM ecosystem in the Kingdom, one that circles around a sustainable economy” Fahad Alidi, Managing Director at Wa’ed Ventures, said. The VC envisions rapid adoption of Urban Air Mobility (UAM) technology in the region.
Terra Drone Arabia
The Japanese startup plans to use the money to set up an office in Saudi Arabia and help drones conduct inspections of Saudi Aramco’s oil and gas plants and tanks, said Terra Drone Director Teppei Seki. The company hopes that Terra Drone Arabia will help accelerate the development of the drone industry in the Middle East. “The new subsidiary Terra Drone Arabia will further promote drone inspections to support the Saudi economy, ensure safe and efficient UAM in the country, and invest in the growth of both verticals,” the official statement said.
Founded in 2016, Terra Drone is one of the largest drone service providers in the world. The company has offices in Europe, Central Asia besides Southeast Asia. In the last six years, the Japanese company has developed a solid track record both domestically and internationally and is now recognized as the top drone service provider in the world, says Toru Tokushige, founder and CEO of Terra Drone.
Focus areas: Terra Drone provides drone inspection and survey solutions in oil and gas, power, renewables, mining, terminals, processing, and storage sectors.
Drones are being increasingly deployed in the oil and gas sectors for various purposes such as inspecting offshore platforms and refining equipment, detecting leaks in pipelines, and responding to emergencies. Drone inspections provide a quick and safe method for accessing oil and gas installations that may pose health, safety, and environmental hazards.
