ST. LOUIS, MO/March 11, 2017 (STLRealEstate.News) AirZaar, a cloud-based Software-as-a-Service platform that presently provides commercial drone fleet management to partnering companies, this week announced they have raised close to $350,000 from investors that include the likes of Missouri Technology Corp. (MTC), as well as New York City-based Quake Capital, for helping the startup to reach full growth potential in the future. It is predicted, according to VCCircle, a website that covers venture capital in India, that the raised money will be used to monetize its mining platform and to launch additional products for the construction industry.
AirZaar is one of many companies shaking up the expanding drone industry today. Ravi Sahu and Ali Ahmadi founded the startup, with headquarters presently situated in Richmond Heights. To complement their funding, the company is also in the process of setting up an Indian subsidiary, the VCCircle report stated. Of the two investors, Quake Capital, according to their website, typically invests up to $250,000 in exchange for between 2 percent and 15 percent of equity in its portfolio companies. Additionally, the investment firm is known for follow-on investment rights as part of its deals.
MTC offered up $75,000 to AirZaar and it was officially approved back in December 2016. The MTC funds act as leverage for startups by matching funds from other venture capitalists. Since its founding in 2011, MTC has invested in a staggering 95 companies that have been able to raise more than $350 million in capital – with help from the state’s matching funds, of course.
Missouri Gov. Eric Greitens outlined a $27.6 billion spending plan for the state’s upcoming fiscal year that includes a $17.9 million reduction for the Missouri Technology Corp’s investment fund. It wasn’t the best news ever for MTC, but they remain optimistic despite the statewide politically backed resistance – for the time being, anyway.