Media reports say South Korea-based Pablo Air, a drone and UAS operations company, has raised USD15.5 million funding from a Series A – 111 round. The additional investment brings the total raised by the company to USD28.41 million, with a possible stock market listing in the second half of 2024.
Investors of the latest round include Korea Development Bank, Be-High Investment-Kiwoom Asset Management, Lee Soo-man (an individual investor), Daishin Securities-SBI Investment, Yuanta Securities, Xplor Investment and Masang Soft, says Avfoil.
The company recently appointed Kenny (Won-kyung) Kim as the Vice President of its US subsidiary. Kim oversaw the drone light show event at the 2018 Pyeong Chang Winter Olympics while working for Intel. Pablo Air is developing export networks for drone sales that can perform multimedia shows with a fully equipped mass-production system.
Furthermore, Pablo Air last year obtained both flight operator licenses and night flight approvals for commercialising delivery drone services in South Korea, where the company opened its first delivery centre in the country.
In the field of UAM, Pablo Air aims to expand the domestic and international drone markets. This includes developing drone traffic management (UTM), analysing and digitising drone and aviation industry trends, as well as establishing the required ecosystem infrastructure.
Kim Young-Joon, CEO of Pablo Air, commented, ”The funds raised in this latest investment will be a cornerstone for intensifying our technological capabilities and securing profitability. We plan to reinvest 10 percent of the money into startups that can synergise with us and help create the UAM ecosystem.”
The company launched a consortium in June, 2022 with LG Uplus, Jeju Air, GS Caltex, Kakao Mobility and Vertical Aerospace to commercialise its UAM program. It signed an agreement to participate in the Korean government’s Korea Urban Air Mobility Grand Challenge (K‑UAM GC).
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