Singapore-based drone startup H3 Dynamics has raised around $26 million in its Series B funding round, media reports said. The funds will be used by the startup to further accelerate the use of hydrogen technology in its drones in place of the standard battery-powered model.
Founder and chief executive Taras Wankewycz told the media, “Air mobility contributes to just 6 percent of the total CO2 emissions in the world. That being said, when surveying the logistics space, we realised some of the major participants have a great majority of their emissions coming from aerial transport; up to 66 percent of all CO2 emitting activities.”
The funding round for H3 Dynamics was led by Japan’s Mirai Creation Fund, which is managed by SPARX Asset Management on behalf of Toyota Motor and the Sumitomo Mitsui Banking.
Investors such as Audacy Ventures, Ascent Hydrogen Fund, Singapore’s Economic Development Board (EDBI), ACA investors, Capital Management Group, the Grosvenor Group and ATEQ also participated in the funding round.
“We are delighted to welcome such an experienced and supportive group of investors as we embark on the next stage of our journey. Our investors share our big-impact vision, and how we get there safely. They recognise that this is a long journey, and that we must first address our immediate markets while solving key technical and regulatory challenges – before adding more complexity,” Wankewycz added.