The listed startup has infused $1.83 Mn (around INR 15.96 Cr) in the US-based company

The transaction has been done via compulsorily convertible promissory note

Incorporated in 2013, Vantage Robotics manufactures UAV and UAV components and has strong R&D capabilities

Listed drone tech company IdeaForge has infused $1.83 Mn (around INR 15.96 Cr) in California-based unmanned aerial vehicle (UAV) manufacturing company Vantage Robotics via compulsorily convertible promissory note.

“This is not an acquisition, rather it is a minority investment in compliance with RBI guidelines. The investment is subject to the requisite governmental or regulatory approvals,” the company said in an exchange filing today (February 20).

Incorporated in 2013, Vantage Robotics manufactures UAV and UAV components for customers, including the US Army, FBI and NASA, among others. The California-based company claims to have raised $20 Mn in funding to date.

ideaForge further said that its stake in Vantage Robotics will be determined after the investment converts into equity.

(the story will be updated soon.)