Australia’s technology firm IoT Group has managed to rake up investment of $12 million for its proprietary selfie drone camera business. The investment was raised from private as well as corporate investors, the company said.
IoT Group claims to be the first company to develop a drone with selfie camera facilities. The investment raised will be used for the expansion of the company’s flying selfie camera called Roam-e business unit.
The drone selfie camera Roam-e was invented by Simon Kantor who is also the founder and Executive director of IoT Group. The new funds will be used to gear up production of the ROAM-e, with early production units expected to be ready by August.
As per the company’s plan, the production of the Roam-e drones will ramped up to 50,000 per week to meet the market demand. IoT Group has a big consumer base for its selfie drones in its home ground Australia besides in Japan and the U.S. The company has already received more than 250,000 pre-orders for the Roam-e.
The new capital raising will also fund the development and demerger of IOT Group’s Intervision and OTT businesses into a new company which it intends to list on the ASX (Australia Stock Exchange).
In terms of market size a large number of people are always on the lookout for a selfie camera opportunity, providing an opportunity for the Roam-e. The company is also developing smart watches, augmented reality, home automation and other consumer technology products.
The Roam-e selfie drone can up to 20 minutes and follow the user intelligently tracking the subject’s face and can take continuous photographs. The selfie camera is priced $349.
IOT Group became the first listed Internet of Things company to trade on the ASX this year following the successful reverse takeover of Ardent Resources Ltd.