Drone manufacturer Garuda Aerospace raised $22 million in a Series A funding round led by venture capital firm SphitiCap. Separately, AI startup Rezolve.ai has raised $11 million in a Series A round from SIG Venture Capital.
Garuda Aerospace raises $22m from SphitiCap
Drone manufacturer Garuda Aerospace on Monday said it has raised $22 million in a Series A funding round, led by the venture capital firm SphitiCap.
SphitiCap invested $12 million while other global investors, angel investors, and HNIs pumped in $5 million. Another $5 million was contributed earlier by an infra-development company, a group of HNIs, and angel investors from India, UAE, and Singapore, the company said.
The company said the funds will be used for R&D, thus accelerating the development of building advanced drone solutions for the armed forces in collaboration with global companies for the defence and aerospace sector. The funds will also be used for the skilling and training of drone pilots, deepening its footprints in Tier II and Tier III cities.
“Garuda Aerospace is on the path to becoming the first ever Drone Unicorn Startup in India,” Agnishwar Jayaprakash, founder and CEO, said without disclosing the current valuation of the firm.
Rezolve.ai raises $11m
AI startup Rezolve.ai has raised $11 million in Series A funding from SIG Venture Capital. The round also saw participation from Exfinity Venture Partners, alongside 9Unicorns, and Tri Valley Ventures.
The company said it will use the funds to scale growth and further advance the capabilities of the platform to deliver the industry’s most advanced employee service experience.
Headquartered in San Ramon, California, Rezolve.ai was founded in 2017 by Saurabh Kumar, Manish Sharma and Udaya Reddy.
