Drone maker Okulo Aerospace and automobile servicing startup VehicleCare have secured early-stage funding, the companies said on Tuesday.
Drone manufacturer Okulo Aerospace has raised $1 million (Rs 8.2 crore) in a funding round led by Ideaspring Capital.
The round also saw participation from Java Capital, Coimbatore Innovation and Business Incubator (Forge Innovation & Ventures), and undisclosed angel investors from Rockfort Ventures.
The fresh capital will be used for product development, team expansion and marketing and sales initiatives.
Founded by Parithi Govindaraju, Okulo Aerospace designs and develops long-endurance unmanned aerial vehicles, which are based on its proprietary solar-electric propulsion technology and design for enterprise and defense customers.
"At Okulo Aerospace, we are developing aerial vehicles that enable extended flights and continuous data acquisition which cater to both enterprise and defense sectors," said Govindaraju.
Ideaspring Capital is a business-to-business-focused venture fund that’s focused on investing in technology products of Indian companies at the pre-revenue stage. In 2022, the fund announced the final close of its second venture fund at Rs 250 crore.
Vehicle servicing platform VehicleCare has secured an undisclosed amount in a pre-Series A funding round from Jito Angel Network.
VehicleCare will deploy the fresh proceeds to improve its proprietary technology and for marketing campaigns.
Founded in 2019 by Arvind Verma, VehicleCare offers services and solutions in the car service and repair space. Its digital platform connects customers with nearby service centers, enables appointment booking, and provides real-time tracking of service requests. The company also offers a claim management system for businesses and a fleet management solution to streamline operations.
"The investment will enable us to provide solutions to address the gaps in the auto repair industry," said Verma.
Jito Angel Network is a community-based early-stage angel network that invests from pre-seed to pre-series-A rounds of companies. Two months back, it participated in the $855,588 pre-Series A funding round of deeptech startup Heliware.
