All Funding Startup News in Korea (Korean Startup News)

PRENEU Secures 15 Billion KRW in Series B for Unmanned Aerial Vehicle Development

2024-03-21 2 min read


PRENEU Secures 15 Billion KRW in Series B for Unmanned Aerial Vehicle Development

Reading Time: 2 minutes

South Korean unmanned aerial vehicle (UAV) design, manufacturing, and avionics component development specialist, PRENEU, has secured a Series B investment totaling 15 billion KRW.

This funding round included participation from T INVESTMENT, BNK Securities, HYUNDAI VENTURE INVESTMENT, KOREA INVESTMENT & SECURITIES, New Main Capital, and STIC VENTURES. Following a Series A investment of 3 billion KRW in 2022, PRENEU has reached a total accumulated investment of 21 billion KRW in just a year and a half.

Founded in 2017, PRENEU has earned recognition for its technical excellence in drone body design/manufacturing, core component development, and control system sectors, based on its proprietary technology. Additionally, the company is capturing opportunities for revenue growth by developing drone operation systems tailored to the needs of both the defense and civilian sectors. In the second half of 2024, PRENEU plans to introduce the ‘ARK MODULE,’ which integrates key avionics components into a single module. After applying it to its own drones, PRENEU intends to expand its business not only in the domestic market but also internationally, thereby laying the groundwork for a robust revenue model.

The Series B investment will be allocated to the development of new UAVs and core components, the enhancement of drone bodies, the automation of the assembly line, and the development of the DRONEiT service platform, with the goal of accelerating revenue growth.

Lee Jong-kyung, CEO of PRENEU, stated, “Despite the challenging investment market, we believe we have achieved favorable results by receiving recognition for PRENEU’s unique technology and potential for revenue growth. We will focus even more on new product development and drone enhancement to ensure sales growth, with the aim of launching an IPO by 2026.”

[Funding News in Korea]

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