AirGo, an Omani startup in Cohort 2 of Omantel Innovation Labs, is set for expansion into the promising market of Saudi Arabia, with the signing of an investment agreement with Forming Future to raise US$2.7mn seed round funding.
AirGo functions as an Unmanned Traffic Management (UTM) System provider of platform-as-a-service that enables businesses, government entities to avoid operating risk, regulatory challenges, and capital expenses associated with drone operations. It specialises in enabling low-altitude drone operations and advising clients on obtaining permits needed to ensure they manage legally and safely their drone operations.
The initial agreement was signed during AirGo’s exhibition at Leap, the region’s largest tech event recently held in Riyadh, as part of the group representing Omantel Innovation Labs, which also included six other promising local startups that are now in talks with regional investors and partners.
AirGo signed the investment agreement at the Civil Aviation Legal Advisers Forum that is hosted by Oman’s Civil Aviation Authority, with participation of 63 countries and three international organisations.
Anwaar Mohammed al Hinaai, CEO and founder of AirGo, said, “At AirGo, we are driven by a vision to revolutionise drone operations through a web-based approach. The potential is huge. We have already proven our credentials with the Unmanned Traffic Management System in Oman that will be launched in the next few months. We believe the time has come to expand. We are, therefore, very excited with this agreement signed with Forming Future, a move we believe will be a starting point toward a regional and global expansion.”
Eng Sattam Ali Alqarqah, CEO of Forming Future, said, “We are pleased to enter into an investment agreement with AirGo, a pioneering drone enabler in the region. We believe AirGo has the right expertise to pilot this venture that can transform drone operations in the region. We are confident that we are investing in an area that has promising growth prospects and we wish AirGo great success.”
Eng Aladdin Abdullah Bait Fadhil, chief commercial officer at Omantel, said, “The AirGo success story is very close to our hearts as it represents the scale of possible achievements when supported by a really good accelerator. We are very proud of AirGo, and glad to see our startups receiving regional attention. We are committed to providing our startups with opportunities both at local and regional levels.”
AirGo is part of Cohort 2 of the Omantel Accelerator program managed by Omantel Innovation Labs. It is at the forefront of innovations in the drone operations, by offering intelligent services and products. In September 2021, AirGo signed an agreement with Oman’s Civil Aviation Authority for the live testing of an Unmanned Traffic Management System.
Omantel Innovation Labs supports the startup ecosystem through accelerator programs, hackathons, boot camps, and free workshops on technology entrepreneurship. The Omantel Accelerator provides specialised technology and entrepreneurial support to technology startups.