Drone startup Performance Rotors takes off with new funding from EDB New Ventures
The fresh capital will help their expansion through Asia, Europe and the US.
Local drone technology startup Performance Rotors has secured an undisclosed funding from the corporate venture building arm of the Singapore Economic Development Board (EDB), EDB New Ventures.
This investment by EDB New Ventures has been made alongside a strategic investment from Dutch multinational Royal Vopak. As a storage infrastructure company with extensive global networks and expertise in oil and gas, Vopak has fast-tracked Performance Rotors’ global expansion, enabling them to bring technology to clients in sectors where a deep understanding of industry practices, regulation and risk mitigation are key.
Vopak’s investment into Performance Rotors as their corporate venture is part of a broader strategy to identify new opportunities and technologies, while enhancing the efficiency and safety of their operations.
With the fresh capital, Performance Rotors will further strengthen its operations in Singapore and continue to spread its wings in Asia, Europe and the United States.
“Introducing new technology can be challenging, particularly when targeting long-established industries like shipping or oil and gas. We are very thankful that EDB New Ventures recognises the potential of our cutting-edge drone solutions. With their support and networks, we look forward to making more inroads into new markets both here and overseas,” chief executive officer of Performance Rotor, Keith Ng, said.
Founded in 2016, Performance Rotors has established a niche by specialising in using their drones in confined spaces, conducting inspections of bulk storage tanks, ship cargo holds and other hazardous locations, previously unreachable by commercially available drones.