Aramco’s venture capital arm invests $14m in Japanese drone tech firm

Saudi Aramco is backing a Japanese drone technology company.

Wa’ed Ventures, the venture capital arm of the Saudi oil giant, has plugged in $14m in Terra Drone Corporation, a drone and urban air mobility (UAM) technology provider. This marks Waed’s debut investment in an Asian startup.

The tech company will establish a new subsidiary for its operations in the kingdom to conduct drone survey, inspection and unmanned traffic management (UTM). The new subsidiary is in line with the Saudi government’s Vision 2030 plan, which aims to bring about economic transformation in the kingdom by reducing its dependence on hydrocarbons.

With the establishment of Terra Drone Arabia, the tech company will provide oil-gas inspection services, promote drone inspections to support the Saudi economy and ensure safe urban air mobility in the country.

The new subsidiary will also help the Japanese tech company expand its presence globally. At present, Terra Drone provides drone and urban air mobility solutions in 10 countries across the world.

Terra Drone is also the largest shareholders of Unifly, the leading UTM technology provider in the world, with strong presence in Europe and North America.