A Cape Town-based drone operator, UAV Industries, announced on Tuesday 24 October that the company has raised ZAR6.84 million (US$499,000) in funding from Glenheim Venture Capital Company, in what was the first direct investment made by Glenheim’s Section 12J fund.
The company, which was launched three years ago, offers drone training and leasing services, and according to UAV Industries the company has seen a 300 percent year-on-year growth off the back of a multi-million Rand turnover.
According to a report by Disrupt Africa, the investment from Glenheim’s fund, which was launched at the World Economic Forum on Africa earlier this year, was made three months ago, since then UAV has doubled its fixed monthly revenue and has recently entered the US market.
Louw Barnardt, a director in the fund, said that they had watched UAV Industries for over a year, assessing the company before deciding to invest. “The business is perfectly positioned in the market, with a strong team and the best global technology has been acquired and incorporated into their processes,” he added.
Richard von Seidel, a former MD at Deutsche Bank in London who now heads the fund’s investment committee, highlighted the important role that drones will play as a part of the fourth industrial revolution.
“South Africa is at the forefront of the game in terms of regulation and innovation. UAV Industries is poised to play a pivotal role in the adoption of the technology across industries with a particular focus on infrastructure security and monitoring,” he said.
UAV Industries founder and chairman Peter Venn speaking on the deal said, “Glenheim VCC represents a team we know and have worked with, who understand our business inside out, playing a strategic role including financial and business development; they’ve already opened doors for us across the continent.”