Pablo Air, a South Korean company that specializes in drone control technology, announced on Friday that it has secured 21 billion won ($15.5 million) in a pre-IPO funding round. The company plans to list on the tech-heavy KOSDAQ market in the second half of next year.
A leader in drone delivery and logistics
Pablo Air is a pioneer in the field of drone delivery and logistics, offering solutions for various industries and scenarios. The company has developed its own drone control system, which enables multiple drones to fly autonomously and coordinate with each other in real time. The system also allows for remote monitoring and management of the drones, as well as data analysis and optimization.
The company has successfully demonstrated its capabilities in various projects, such as delivering medical supplies to remote islands, transporting fresh seafood to urban areas, and conducting aerial surveys for environmental and disaster management. The company has also partnered with major corporations such as Hyundai Motor, SK Telecom, LG Uplus, and CJ Logistics to explore new applications and markets for drone technology.
Aiming for global expansion and innovation
The pre-IPO funding round was led by Korea Development Bank, along with Be-High Investment-Kiwoom Asset Management, Lee Soo-man (an individual investor and founder of SM Entertainment), and existing investors such as Naver D2SF and Stonebridge Ventures. The round valued the company at 150 billion won ($131 million), which is more than seven times higher than its valuation in the previous round in 2021.
The company said that it will use the new funds to expand its global presence and enhance its research and development capabilities. The company aims to enter the US and European markets, where the demand for drone delivery and logistics is growing rapidly. The company also plans to invest in developing new technologies such as hydrogen-powered drones, 5G-enabled drones, and artificial intelligence for drone control.
The company’s co-founder and CEO, Kim Young-joon, said that he hopes to make Pablo Air a global leader in the drone industry. He said that the company will continue to innovate and create value for its customers and society with its cutting-edge technology and vision.
A promising outlook for the drone industry
The drone industry is expected to grow exponentially in the coming years, as more countries and companies adopt drones for various purposes. According to a report by ResearchAndMarkets.com, the global drone market size is projected to reach $43.1 billion by 2026, registering a compound annual growth rate of 20.3% from 2021 to 2026.
The report also highlighted that the Asia-Pacific region is expected to be the fastest-growing market for drones, owing to the increasing adoption of drones by governments and enterprises for various applications such as agriculture, e-commerce, healthcare, and security. The report also noted that South Korea is one of the leading countries in the region in terms of drone innovation and regulation.
Pablo Air is one of the companies that is poised to benefit from this trend, as it has established itself as a leader in the field of drone delivery and logistics. The company’s upcoming IPO is expected to attract a lot of attention from investors and customers alike, as it showcases its potential and vision for the future of the drone industry.