ideaFoge has raised $20 mn from Florintree and Infosys
ideaFoge has raised $20 mn from Florintree and Infosys
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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.

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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.

“ideaForge has grown 10X in the last two years and we will use this funding to invest in R&D, international expansion and building a world-class team. We want to continue to create high performance, reliable and autonomous drones that inspire the adoption of this technology,” Co-founder and CEO Ankit Mehta said.