Wa'ed Ventures, the venture capital arm of the largest oil producer in the world, Aramco, has invested $14 million in Terra Drone Corporation, a major developer of drone and Urban Air Mobility (UAM) technologies. In accordance with the Saudi government's "Vision 2030," Terra Drone will establish a new subsidiary, Terra Drone Arabia, in the Kingdom of Saudi Arabia with the help of this funding.
By lessening Saudi Arabia's reliance on hydrocarbons, the Vision 2030 reform plan seeks to promote economic transition in the kingdom. It was first unveiled in 2016. The Saudi government is concentrating its efforts to promote the use of drones in services like asset inspections because technology is at the core of this strategy.
Wa'ed Ventures was established in 2013 with the goal of advancing the Saudi Arabian economy through investing in startups and supporting innovation. Wa'ed Ventures is investing in an Asian firm for the first time, which speaks to Terra Drone's vision, modern digital solutions, and advanced drone technologies. By utilising its vast business expertise as the world's leading provider of drone solutions for survey, inspection, and unmanned traffic control, Terra Drone will support a new subsidiary (UTM).
following the founding of Terra Drone Arabia. Oil-gas inspection services will be offered by Terra Drone. The new subsidiary will also aid Terra Drone, one of the top two drone service providers in the world, in continuing its international expansion. Currently, Terra Drone offers drone and UAM solutions in ten different nations.
The top vendor of UTM technology globally is Unifly, which is well-established in North America and Europe. The major shareholder in Unifly is Terra Drone.
In order to help the Saudi economy, guarantee safe and effective UAM in the nation, and invest in the expansion of both verticals, the new subsidiary Terra Drone Arabia will further boost drone inspections