Malaysia-based drone service provider Aerodyne Group plans to raise between $100 million to $200 million in its Series C funding round, its group chief executive said.

“We are targeting $100 million to $200 million,” its founder and group Chief Executive Officer Kamarul A Muhamed, who is also the founder, told Technode Global when met at the sidelines of BEYOND Expo in Macau on Thursday.

Kamarul, however, did not disclose the timeline for the funding round but added that the funding round will be for expansion and merger and acquisitions (M&A). “M&A is for market access and the technology,” he added.

Aerodyne announced in February this year that it has entered the Italian market through a strategic investment in Aiviewgroup, the drone service provider in Italy, based in Rome. In December last year, Aerodyne has acquired a controlling stake in Brazil’s drone inspection company Grupo DR1, a professional drone operators and service provider in Brazil, to further expand its presence in Latin America.

Aerodyne’s plan to raise Series C round also comes after its bridging round in September last year.

The company announced then it has raised $30 million as part of its latest bridging round. Its long-time client Malaysia-based national oil firm Petronas, via its corporate venture capital arm Petronas Ventures, has led the funding round.

The round also included a follow-on investment by Kumpulan Wang Persaraan Diperbadankan (KWAP), who initially invested in the group back in 2020.

Meanwhile, at a panel discussing AgriTech at the BEYOND Sustainability Summit, Kamarul also shared that the next milestone for the company will be its initial public offering (IPO).

“It will be in two to three years’ time,” he said. He later told TechNode Global that the company is “exploring” several options which could include a listing on the Tokyo Stock Exchange.

Aerodyne is backed by Japan investors including VC firm Real Tech Fund, industrial equipment supplier Kobashi Holdings, and drone and robotics tech firm ACSL as strategic partners. Its investors include InterVest, Kejora Ventures, North Summit Capital, Indorama Corp, Leave a Nest, Axiata Digital Innovation Fund, Gobi Ventures, 500 Global, and ventureTECH, among others.

In an earlier interview, Kamarul told TechNode Global Aerodyne is exploring a dual-listing to also float its shares on the Malaysian stock exchange besides listing the company overseas.
“We have yet to appoint investment bank but we’ve started the [IPO] process. We are also looking at dual-listing on Bursa Malaysia,” he said then. He said the IPO could take place in the US or Japan.

According to Drone Industry Insights, Aerodyne ranked first on a list of the top global remote-sensing drone service providers in 2021 and 2022.

Aerodyne is a DT3 (drone tech, data tech, and digital transformation) drone-based enterprise solutions provider with operations in more than 45 countries, Kamarul said during his presentation on Thursday.

Malaysian drone tech firm Aerodyne explores dual-listing as it starts IPO process