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Indian drone delivery specialist, TechEagle Innovations, has announced the successful closing of its bridge round funding, led by Navam Capital and Inflection Point Ventures.
TechEagle will use the investment to expand its current drone projects and develop new technologies such as higher payload drones, as well as recruiting more expertise.
The company aims to build a drone delivery network that would eradicate healthcare logistical challenges and streamline parcel delivery services. Last year, TechEagle’s Vertiplane X3 took off for its maiden flight from carrying medicines to a remote area of Jodphur, which is partially inaccessible by road. The drone covered an aerial distance of around 35 km in less than 20 minutes. On its return journey, the drone carried sputum samples for diagnostic purposes, reducing the turnaround time for the reports while also making the flight cost-effective.
TechEagle noted that it has also received significant support from VSS Investco, a 100% owned entity of Vijay Shekhar Sharma. The announcement also thanked Tushar Jani, Co-founder of Bluedart, Ajoy Khandheria, founder of Gramin Healthcare, Ajit Medhekar, a C-Level Executive and Investor, and Venture Catalysts++, as well as its other investors who share TechEagle’s goal of improving last-mile and mid-mile delivery.