HOMEGROWN drone technology startup Performance Rotors has raised an undisclosed sum of funds from Dutch multinational Royal Vopak to expand in overseas markets in Asia, Europe and the Middle East. Vopak is a leading global independent tank storage company.
Performance Rotors’ chief executive, Keith Ng, said: "We are honoured to have Vopak on board as a significant shareholder. Securing this deal, in spite of the ongoing Covid-19 pandemic and global uncertainty, is testament to the value of the services we provide." (see amendment note)
In a press statement on Sunday, the Singapore-based drone solutions company specialising in confined and inaccessible spaces, said that it concluded its investment deal with Vopak earlier this week.
Mr Ng said that in addition to overseas expansion, this round of pre-Series A funds will also be used to scale the company’s team and expand its offering of customised drone solutions.
"Performance Rotors has already commercialised its drone solutions in Vopak and other oil and gas majors in Singapore, and is gearing up for other missions in Europe," the company said in its release.
Vopak’s innovation engagement leader Edwin Ebrahimi said: “We need to bridge the gap between new technologies and industry needs, by actively supporting promising startups that can develop scalable solutions and grow with us. We believe that Performance Rotors has that potential.”
Founded in November 2016, Performance Rotors has established itself as one of the key players in unmanned aerial vehicles solutions and has worked with government agencies and multinational corporations.
Amendment note: An earlier version of this article incorrectly stated that Vopak was coming on board as a majority shareholder. Performance Rotors has since clarified that Vopak is in fact a significant shareholder.