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Former ideaForge Executive’s Armory Bags Funding To Build Defence Tech Systems
- Former ideaForge executive Amardeep Singh's defense tech startup Armory has secured INR 13 Cr funding in a round led by growX ventures.
- The funding round also included participation from Industrial 47, Antler, AC Ventures, and Dexter Ventures.
- Armory plans to utilize the funds for R&D and expanding its manufacturing capacity.
- The startup focuses on developing indigenous Counter-Unmanned Aircraft Systems (C-UAS) for detecting and destroying rogue drones.
- Armory's flagship system SURGE has completed trials with multiple army regiments and the startup has also developed an AI-based defense operating system called Samaritan OS.
- The investment in Armory comes amid growing interest in defense tech startups due to recent geopolitical situations and operations like Operation Sindoor.
- India's defense tech sector is booming, offering opportunities for investors as deeptech startups raised $2 Bn between 2014 and 2024.
- The Make-in-India initiative has spurred the growth of over 1,000 defense tech startups, reducing defense equipment imports and boosting indigenous product usage.
- India's defense production reached a record INR 1.27 Lakh Cr in FY24, with exports hitting an all-time high of INR 23,622 Cr in FY25.
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