Asteria Aerospace, Bangalore-based robotics, and artificial intelligence company have secured an undisclosed sum of funding from Boundary Holding. The startup focuses on the integration of futuristic technology and drones for providing unmanned aerial support to multiple industries. This includes mining, construction, military, law enforcement, and oil industries.
Rajat Khare, founder of Boundary Holding said, “We are very glad to add Asteria Aerospace to our portfolio of investments in Artificial Intelligence. I believe that with this association, Asteria Aerospace is well-positioned to fly higher.”
Founded by Nihar Vartak and Neel Mehta in 2011, the objective of the company is to offer drone-centric solutions based on actionable aerial data. Multiple studies have backed the efficiency and reliability of the drone’s intelligence as well as decision-making capabilities.
A400, a drone model developed by the company is capable of initiating flight in approximately two minutes. This feature has been specially developed by Asteria to make the device dynamic and suitable for security-oriented use like surveillance.
Furthermore, Asteria has recently launched an Internet of Things (IoT) platform called ‘Genesis’. It is aimed at increasing the user-friendly quotient of drone management for companies using drone technology in varying capacities.
The investment received by the drone startup is followed by Boundary Holding’s previous funding venture with XRVision, a facial recognition and video analytics startup based in Singapore. The new-age technology fund has been known to provide financial support to startups focused on AI and associated fields. With more than $200 million in committed capital across different global organizations, the company has a network of startups across the world.
Commenting on the Asteria deal, Khare added, “With this investment, we aim at expanding Boundary Holding’s portfolio in AI and create a real 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.”