Singapore drone startup, Performance Rotors, raises funding from she1k, who was joined by other undisclosed institutional and angel investors.
she1K is a women’s corporate executive network that champions, funds, and boards startups. In its first-ever investment, she1K said that it’s syndicating angel investments from its members.
Performance Rotors is a UAV (unmanned aerial vehicle) solutions company focussing on confined spaces inspection. she1K decided to invest in the startup after selecting it during the first she1K private pitch to its members and co-investing partners that are held every 2 months, both in-person in Singapore and Hong Kong and via Zoom calls globally.
Around 10 startups are regularly selected to pitch to she1K members, angel investors, and VCs. Two or three will be shortlisted for further examination and within two months an investment decision would be made by syndicating investments from members and co-investing partners.
“Performance Rotors was chosen because they have a highly qualified team, acquired some significant reputable customers, and are already revenue generating. Furthermore, they were recently accelerated at PortXL, the world’s first maritime tech accelerator, which opened doors to large maritime, oil and gas and plantation conglomerates – which can use their drones to conduct inspections in confined spaces,” said Christina Teo, Chief Builder of she1K.
“By using Performance Rotors’ drones, companies can reduce manpower and completely eliminate significant human hazards in toxic and flammable confined spaces.”
Performance Rotors’ drone confined space solutions have already made inroads into oil & gas and brewery storage tanks and will be moving into mining, agriculture, aerospace, underground tunnels further down the road.
“As a true homegrown startup, our technology is completely developed in Singapore. Raven is the smallest smart inspection drone which can operate in non-GPS assisted and dark environment. With Ultrasonic Thickness Measurement and AI (artificial intelligence) analysis platform integrated, we provide proactive and more effective detection of surface structural defects,” said Keith Ng, CEO, and Co-Founder of Performance Rotors, explaining the product.