Bangalore-based Asteria Aerospace, a robotics and artificial intelligence (AI) powered and Drone-based aerial data solution startup, has raised an undisclosed amount of funding from Boundary Holding, a Luxembourg-based fund of funds.
The funding is a part of an event ‘FutureTech’ that was organized by a partnership between the British High Commission and India’s NITI Aayog, to fastrack funds for Indian startups.
Founded in 2011, by Nihar Vartak and Neel Mehta, Asteria uses robotics and AI to develop drone based solutions to provide actionable intelligence from aerial data. The solutions that startup offers are available to varied sectors including armed forces, indsutrial uses, gas, mining, construction and agriculture as well.
The drone-based solutions by Asteria offer actionable intelligence from aerial data and integrate seamlessly into operational workflows.
A flagship drone by Asteria called ‘A400’ is designed to be flight ready in under 2 minutes. The complete assembly and disassembly of A400 does not require any tools, which makes it ideally suited for surveillance & security operations where rapid deployment is an essential need.
Notably, in September this year, Asteria has also launched an industrial Internet of Things (IoT) network platform for drones called ‘Genesis’. Genesis is a secure enterprise software platform to enable organizations to effectively use and manage fleets of drones in surveillance & security operations.
Genesis platform has been used by the West Bengal state police force for event security during Durga Puja 2017 and Gangasagar 2018 festivals. This allowed live monitoring of video feeds at their Kolkata headquarters, from drones deployed in multiple districts.
To recall, in September this year, an another Drone-based startup, Sensehawk, had raised $2 million in funding round led by SAIF Partners. Based out of Bangalore and California, Sensehawk performs data analysis from autonomous Unmanned Aerial Vehicles (UAVs) and Drones.
About Boundary Holding, it is a new-age technology fund founded by Rajat Khare and is based out Luxembourg, Europe. The fund which invests in distressed funds, Angel funds and Venture capital funds across different sub-sectors in AI. The investment firm had recently invested in XRVision, a Singapore-based wearable and mobile video analytics platform.
Speaking on investment in Asteria, Rajat Khare said, “With this investment, we seek to expand Boundary Holding’s portfolio in AI and create a positive scope of development in Drones and Artificial Intelligence. We believe the investment in Asteria Aerospace will bear fruitful results for the growth of Boundary Holding and Asteria. We have great trust in their team, and are glad to support the company.”
In June last year, Boundary Holding has invested in Dronefence, a Germany-based developer of drone tracking and security systems.
Via – The London Economic | Source – News Hour
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