Daewoo Engineering and Construction has announced that it would acquire a 30 percent stake in a local racing drone startup company, AstroX as part of its “Build Together Startups” program initiated in August last year. The details of financial terms were not disclosed.
AstroX is a local drone maker capable of manufacturing vertical takeoff and landing drones. The company is currently planning on commercializing its autonomous drones that are capable of indoor surveillance. The company aims to develop hover bike and personal air vehicle models by 2022 as well.
Together with the up-and-coming drone manufacturer, Daewoo E&C aims to develop industrial and military drones, in addition to an integrated drone management system that can be used in different settings such as for disaster and fire control, traffic monitoring and on other sites.
The latest deal with AstroX has been part of the construction firm’s attempt to find new business models, the company said. Starting in August last year, Daewoo E&C started the in-house program Build Together Startups to search out new business opportunities.
In December, Daewoo E&C purchased a 5 percent stake in SG Safety, a local air purifier and fire mask manufacturer.
“Daewoo E&C will try to secure new growth engines that can allow the company to continue its growth and make its ways through uncertainties in the global construction industry,” a Daewoo E&C official said.
Source: The Korea Herald