Malaysia-based Aerodyne plans to raise up to $200 million in Series C round; IPO in two to three years

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

“We are targeting $100-200 million,” said founder and CEO Kamarul A Muhamed, who is also the founder Technode Global when we met on the sidelines of BEYOND Expo in Macau on Thursday.

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

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

Aerodyne’s plan to boost the Series C round also comes after the bridging round last September.

The company announced at the time that it had raised $30 million in its most recent bridging round. Its longtime client, Malaysia-based national oil company Petronas, has led the funding round through its corporate venture capital arm Petronas Ventures.

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

Meanwhile, at a panel discussion on 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,” he said. He told it later TechNode Global that the company is “assessing” several options that could include a listing on the Tokyo Stock Exchange.

Aerodyne is backed by Japanese investors including VC firm Real Tech Fund, industrial equipment supplier Kobashi Holdings and drone and robotics technology company ACSL as strategic partners. His investors include InterVest, Kejora Ventures, North Summit Capital, Indorama Corp, Leave a Nest, Axiata Digital Innovation Fund, Gobi Ventures, 500 Startups and VentureTECH.

In a previous interview, Kamarul told TechNode Global Aerodyne is considering a dual listing to list the company overseas as well as list its shares on the Malaysian Stock Exchange.
“We have yet to appoint an investment bank, but we have started [IPO] Procedure. We are also considering a dual listing on Bursa Malaysia,” he said at the time. He said the IPO could take place in the US or Japan.

According to Drone Industry Insights, Aerodyne was ranked #1 on a list of the top global remote sensing drone service providers in 2021 and 2022.

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

Malaysian drone technology company Aerodyne is considering a double listing as it begins the IPO process