Saudi Wa’ed Ventures Leads $14 Mln Bridge Round for Japanese Terra Drone

A drone of the Terra Drone. (Asharq Al-Awsat)
A drone of the Terra Drone. (Asharq Al-Awsat)
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Saudi Wa’ed Ventures Leads $14 Mln Bridge Round for Japanese Terra Drone

A drone of the Terra Drone. (Asharq Al-Awsat)
A drone of the Terra Drone. (Asharq Al-Awsat)

Terra Drone, the Japan-based leading drone service provider, has announced closing a $14 million bridge round led by Wa’ed Ventures, the Kingdom-focused venture capital arm of Aramco.

Through this investment, Terra Drone plans to open a new subsidiary in the Kingdom of Saudi Arabia to localize its drone services as well as to continue to serve the global autonomous vehicles market expected to grow to $1.5 trillion by 2040, as projected by Morgan Stanley.

Terra Drone has been in business since 2016, with a mission to evolve the world from the sky, said Toru Tokushige, founder and CEO of Terra Drone Corporation.

“Six years later, we are now approaching a future where drones and aerial vehicles will no longer be a novelty,” he said.

“We have built up a solid track record both domestically and internationally up to the point that Terra Drone has grown to be recognized as the top drone service provider in the world. Saudi Aramco's investment in Terra Drone through its VC arm Wa’ed Ventures is another example of the global recognition for our achievements, which raises the expectations for our team as we continue to push forward and lead Terra Drone to the forefront of the global innovation track,” added Tokushige.

Fahad Alidi, Managing Director at Wa’ed Ventures, said: “Our investment represents our commitment towards building the UAM ecosystem in the Kingdom, one that circles around a sustainable economy."

“Terra Drone is well-positioned to localize their innovation across the region, starting with the Kingdom,” added Alidi.

Wa’ed Ventures’ investment comes as additional support to the $83 million already raised in previous funding rounds by Terra Drone.

Earlier rounds included participation from Mitsui & Co. Ltd, SBI Investment Co. Ltd, Tokyu Land Corporation, and Seika Corporations; some of the largest institutional investors in the Asian market.

The startup has served more than 10 countries worldwide since its founding, providing drone hardware and cloud-based software in over 1,000 projects, with an aim to create a “drone and air mobility-based society”.



IMF's Georgieva Says US Tariffs Represent Significant Risk to Global Outlook

International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, US September 4, 2018. REUTERS/Yuri Gripas/File Photo 
International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, US September 4, 2018. REUTERS/Yuri Gripas/File Photo 
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IMF's Georgieva Says US Tariffs Represent Significant Risk to Global Outlook

International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, US September 4, 2018. REUTERS/Yuri Gripas/File Photo 
International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, US September 4, 2018. REUTERS/Yuri Gripas/File Photo 

Sweeping tariffs announced on Wednesday by US President Donald Trump pose a significant risk to the global economy at a time when growth has been sluggish, the head of the International Monetary Fund said in a statement on Thursday.

IMF Managing Director Kristalina Georgieva said it was important to avoid steps that could further harm the global economy and appealed to the United States and its trading partners to work constructively to reduce tensions, according to Reuters.

“We are still assessing the macroeconomic implications of the announced tariff measures, but they clearly represent a significant risk to the global outlook at a time of sluggish growth,” Georgieva said in her strongest comments to date on the risks posed by the US trade actions.

“It is important to avoid steps that could further harm the world economy. We appeal to the United States and its trading partners to work constructively to resolve trade tensions and reduce uncertainty.”

Georgieva said the IMF would provide its assessment of the announced tariffs when it releases an update to its World Economic Outlook during the April 21-26 meetings in Washington, DC, that bring together members and shareholders of the IMF and the World Bank.

The head of the global lender on Monday told Reuters that Trump's push for wide-ranging tariffs was creating great uncertainty and denting confidence, but it was not likely to trigger a near-term recession.

At the time, Georgieva said the IMF would likely lower the economic outlook slightly, adding “we don't see recession on the horizon.”

The US tariffs announced on Wednesday went far beyond the levels that had been predicted or expected by trade experts.