Terra Drone raises $14M from Aramco for Saudi Arabia expansion
Oil giant Saudi Aramco has invested $14 million in one of the top drone service providers in the world, Terra Drone Corporation, through its early-stage investment fund Wa’ed Ventures. The Japan-based drone company says it will utilize the funding to set up a new subsidiary for inspection services in Saudi Arabia.
Aramco’s investment and Terra Drone’s new expansion plans are in line with the Saudi government’s “Vision 2030” reform plan, which seeks to stimulate economic transformation in the country by reducing its dependence on hydrocarbons. Technology is at the heart of this initiative, and the Saudi government is focusing its efforts to promote the use of drones in services such as asset inspections.
Wa’ed Ventures was formed in 2013 specifically to boost tech-based innovation in the region by investing in startups that can fill key gaps in the Saudi economy. It’s worth highlighting that this is the first time this venture capital arm of Aramco…