Singapore headquartered SwarmX, which claims to be the world's first fully autonomous drone operation platform is reportedly negotiating a deal to sell its intellectual property to a Chinese-American drone company, according to a report in VCCircle.

Reportedly, the startup has already brought an investment banker onboard to negotiate the deal. “They are not selling the company, but sourcing buyers for their IP,” said VCCircle’s source in the report.

Though it is still not clear what triggered SwarmX to sell its IP, but according to various media reports and rumours going around in the market, there are basically two main reasons why SwarmX is contemplating this step. Firstly, the startup no longer wants to manufacture drones and just wants to enable other companies to do what it is doing. Secondly, there are rumours that SwarmX’s founder Pulkit Jaiswal is working on a new startup.

Reportedly, Jaiswal along with a US-based hedge fund executive is working on launching a new venture, Numbr5, a new artificial intelligence-centric product.

However, Jaiswal neither denied or confirmed the news of SwarmX selling its IP. When contacted by VCCircle, he said, “SwarmX has actively collaborated with several companies in the drone ecosystem, however, no such transaction has taken place.”

There is also some noise in the market that there’s a whole other reason why SwarmX is negotiating this deal. According to them, Chinese companies have succeeded remarkably in building similar systems and at a much bigger scale, so SwarmX is having a hard time rubbing shoulders with them.

Founded in 2015, SwarmX is an autonomous drone operation platform that focuses on developing autonomous robots which gathers information to make data driven decisions. The company operates Hive, an autonomous drone base station with weather sensing technology that assists in planning surveillance mission plans. HiveMind OS is a command and control center for drone swarms that identifies and generates alerts for various user-defined events relating to people, vehicles, and static objects. The startup has backing of TV Mohandas Pai, the chairman of Manipal Global Education and former CFO and HR head of Infosys.

[Image: Twitter]

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