Aramco’s Wa'ed Ventures tops offers with USD14M bridge fundi...| MENAFN.COM

Sunday, 29 January 2023 01:23 GMT

Aramco’s Wa'ed Ventures tops offers with USD14M bridge funding phase for Japan’s Terra Drone


(MENAFN) Saudi Aramco’s venture capital arm Wa'ed Ventures is topping a USD14 million bridge investing phase for Japan-located Terra Drone to grow its development into the nation.

One of Japan’s top drone and urban air mobility technology firms, Terra Drone prepares to use its obtained investing to prepare for an additional subsidiary in Saudi Arabia.

The Tokyo-located company, which serves the oil, gas, chemical, and construction industries, seeks to localize drone facilities in the nation as it carries on to serve the international autonomous automobiles market which is anticipated to amount to USD1.5 trillion by 2040, as said by Morgan Stanley.

“Saudi Aramco's investment in Terra Drone through its VC arm Wa’ed Ventures is another example of the global recognition for our achievements, which raises the expectations for our team as we continue to push forward and lead Terra Drone to the forefront of the global innovation track,” according to Toru Tokushige, founder and chief executive of Terra Drone.

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