TechEagle Partners ideaForge To Boost Its Drone Technology Stack, Drive Innovation

Navam Capital and Inflection Point Ventures-backed drone tech startup TechEagle has partnered with drone manufacturer IdeaForge to scale up its unmanned aerial vehicle technology and drive innovation in the drone space.

This comes at a time when TechEagle aims to build the world’s largest on demand drone logistics network, enabling faster and more efficient package delivery, the company said in a statement.

Founded in 2017 by IIT-Kanpur alumni Vikram Singh Meena and Anshu Abhishek, TechEagle is a drone logistics startup that enables on-demand autonomous drone delivery for its clients. With a focus on beyond visual line of sight (BVLOS) drone operations, TechEagle caters to last mile logistics in urban and semi-urban areas. 

“This partnership exemplifies the power of synergistic innovation. By combining TechEagle’s advancements in drone technology with ideaForge’s UAV technology prowess and manufacturing capabilities, we are set to redefine the UAV landscape” said Meena.

TechEagle claims to have expertise in long-range and heavy payload drones supported by AI and 5G with ideaForge’s technology and manufacturing capabilities, both companies aim  to enhance the quality and development of indigenous technologies.

The company has developed drones and a software stack, establishing an operational services network for aerial logistics in e-commerce, hyperlocal delivery, logistics, and healthcare. 

Founded in 2007 by Ankit Mehta, Ashish Bhat, Rahul Singh and Vipul Joshi, ideaForge is a drone manufacturing startup that makes UAV systems for inspection, surveillance and mapping. Its offering has utility in sectors such as defence, homeland security, mining, construction, agriculture, energy and utilities.

Earlier this month, it bought an undisclosed stake in Bengaluru-based spacetech startup GalaxEye Space for INR 8.28 Cr.

The fundraise comes at a time when more and more new-age tech startup companies are experimenting with drones to streamline deliveries.

In May, TechEagle raised an undisclosed amount as part of its bridge funding round co-led by Navam Capital and Inflection Point Ventures.

In the same month, Tamil Nadu-based drone startup Yali Aerospace bagged an undisclosed amount of investment from SaaS giant Zoho to accelerate the development and deployment of its vertical take-off and landing (VTOL) drones.

It is also pertinent to note that Google’s parent company Alphabet is set to commence drone manufacturing through its subsidiary Wing LLC in Tamil Nadu. 

On Tuesday, finance minister Nirmala Sitharaman in her budget speech announced setting up of an INR 1,000 Cr venture capital (VC) fund to boost space economy.

As per an Inc42’s report, the homegrown drone market is expected to surge to a size of $13 Bn by 2030, growing at a CAGR of 21% between 2022 and 2030.