Drone manufacturer Garuda Aerospace has raised USD 22 million in one of the largest ever Series A Round fundings in the drone industry, the company said on Monday.
The funding was led by Venture Capital firm SphitiCap which invested USD 12 million along with participation from other global investors, angel investors and high net-worth individuals at USD 5 million.
“…the acquired funds will be utilized to scale up and expand the company’s operation. A portion of the funds will be used for research and development thus accelerating the development of building advanced drone solutions for the armed forces in collaboration with global companies for defence and aerospace sector,” Garuda Aerospace said.
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