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Drone manufacturer ideaForge has closed its Series B funding round of $20 million led by Florintree, a company led by Mathew Cyriac, the former private equity co-head for Blackstone India.
The round also saw participation from the company’s existing investors Celesta, a prominent technology investment fund, Infosys, Qualcomm and Infina, along with the Exim Bank of India.
Founded in 2007 by IIT Bombay alumni, ideaForge has over 15 years of research and development (R&D) history and it owns more than 20 global patents. Its customers include the Indian military, Adani group, L&T, Indian Oil, Survey of India, Indian Railways, among others.
