London Daily

Focus on the big picture.

Aramco’s Wa'ed Ventures leads $14m bridge funding round for Japan’s Terra Drone   

Aramco’s Wa'ed Ventures leads $14m bridge funding round for Japan’s Terra Drone   

Saudi Aramco’s venture capital arm Wa'ed Ventures is leading a $14 million bridge funding round for Japan-based Terra Drone to boost its expansion into the Kingdom.
One of Japan’s leading drone and urban air mobility technology companies, Terra Drone plans to utilize its acquired investment to start a new subsidiary in Saudi Arabia.

The Tokyo-based firm, which serves the oil, gas, chemical, and construction industries, wants to localize drone services in the Kingdom as it continues to serve the global autonomous vehicles market which is expected to reach $1.5 trillion by 2040, according to Morgan Stanley.

“Saudi Aramco's investment in Terra Drone through its VC arm Wa’ed Ventures is another example of the global recognition for our achievements, which raises the expectations for our team as we continue to push forward and lead Terra Drone to the forefront of the global innovation track,” said Toru Tokushige, founder and CEO of Terra Drone.

Terra Drone is the first Asian company to receive funding from Wa’ed Ventures after the venture capital firm expanded its mandate to target global companies back in the third quarter of 2022.

“Supported by the global track record of Terra Drone, our investment represents Wa’ed’s commitment towards building the urban air mobility ecosystem in the Kingdom, one that circles around a sustainable economy,” said Fahad Alidi, managing director at Wa’ed Ventures.

He added that Terra Drone is well-positioned to localize its proprietary technology across the Middle East region and cater to an expected rapid adoption of drone services, starting with the Kingdom.

Established in 2016, Terra Drone has a presence in over 10 countries worldwide providing its drone hardware and software solutions in over 1,000 projects. The company managed to raise over $80 million in its previous funding rounds from leading investors like Mitsui & Co and SBI Investments Co.

Founded in 2013, Wa’ed Ventures is a $200 million institutional venture capital firm wholly owned by Saudi Aramco and currently manages a portfolio of over 50 startups.

Wa’ed Ventures participated in a $108 million series B funding round for France-based quantum computing company PASQAL on Jan. 24.
Newsletter

Related Articles

London Daily
0:00
0:00
Close
Kate Middleton's Public Absence Throughout 2024
Asylum Seekers Arriving In UK by Sea Exceed 10,000 This Year
UK Criticizes ICJ Order on Israel's Rafah Assault
Ukraine's Fight Against Corruption Gains Ground Amid War
Czech President Petr Pavel Injured in Motorcycle Accident
Record Number of Abortions in England and Wales
Paul McCartney Honours Bruce Springsteen at Ivor Novello Awards
US and UK to Reject ICJ Ruling on Israel's Rafah Offensive
World Court Orders Immediate Halt to Israeli Offensive in Gaza
Understanding FLiRT COVID Variants and Their Impact
Baltic NATO Members to Construct 'Drone Wall'
Global Life Expectancy Dropped By 2 Years Due To COVID-19
Macron Halts New Caledonia Voting Reform After Riots
Rishi Sunak Shelves Rwanda and Smoking Policies Ahead of Election
US Refuses World Court Jurisdiction
China Conducts Surprise Military Drills Around Taiwan
Grim Polls Predict Major Loss for PM Rishi Sunak
Rishi Sunak's Campaign for UK Election: Key Issues Highlighted
German Property Crisis Worsens as Foreign Investment Declines
Princess of Wales's Taskforce Calls for Business Investment in Early Childhood
Campaign Groups Condemn UK Report on Protests
Former Royal Marine Charged with Espionage Found Dead
Australian PM Calls for Julian Assange's Freedom
ICC Seeks Arrest Warrants for Israeli and Hamas Leaders
UK's Infected Blood Scandal: Conclusion Nears After Seven Years
Julian Assange Granted Right to Challenge US Extradition
Congo Army Thwarts Attempted Coup Involving Americans and a British Citizen
Ireland's Homeless Gain Voting Rights
Blinken orders crackdown on Israel-Hamas leaks
Julian Assange Faces US Extradition: Key Facts
Jacob Zuma Takes Campaign to ANC Stronghold Soweto
Attempted Assassination of Slovakia PM Robert Fico: Investigation Ongoing
What Happens If an Iranian President Dies in Office?
Spain Recalls Ambassador After Argentina President's Remarks
Rishi Sunak Faces Cabinet Backlash Over Proposed Changes to Foreign Student Visas
Rwanda Denies Entry to Human Rights Researcher
Iranian President Ebrahim Raisi Reportedly Killed in Helicopter Crash
Blue Origin Resumes Space Tourism with 90-Year-Old Ed Dwight
Rishi Sunak and Wife Akshata Murty Wealthier Than King Charles
New Dutch Government Drives Wedge Through EU Liberals
Iranian President Raisi Missing After Helicopter Goes Down
Freemasons and ‘Global War Party’ Accused of Conspiring Against Georgia
Poland Supports Rolls-Royce's Nuclear Power Plant Initiative
European Ports Overflow with Unsold Electric Vehicles
Esprit Files for Bankruptcy in Europe, Putting Hundreds of Jobs at Risk
Chevron Halts North Sea Drilling Amid Rising Tax Burden
Jeremy Hunt Accused of Exaggerating Conservatives' Economic Record
Victoria Atkins Discusses Historical Gender Bias in the NHS
Dublin and Monaghan Bombings 50th Anniversary: Calls for Justice
Rishi Sunak and Akshata Murty’s Wealth Rises to £651 Million
×