Saudi Aramco’s venture capital fund has invested $14 million in a Japanese startup that develops technology for drones which will set up a subsidiary in the kingdom that will provide oil and gas inspection services.
Wa’ed Ventures in a statement on Tuesday said the new subsidiary will also help Terra Drone, which is counted among the top two drone service providers in the world, to further its expansion globally. At present, Terra Drone provides drone and UAM solutions in 10 countries across the world.
This is the $200 million fund’s first investment in East Asia and supports Saudi Arabia's efforts to promote diversification of the oil-based economy by investing in high-growth tech start-ups across various sectors.
Earlier this week, Wa’ed Ventures participated in Paris-based quantum computer start-up PASQAL's funding round where it raised $108 million.
(Reporting by Brinda Darasha; editing by Seban Scaria)