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Intel Corp invests $60m in drone maker

Intel Corp invests $60m in drone maker

BEIJING: Intel Corp has poured more than $60 million into Yuneec International Co, a Shanghai-based drone and aerospace company, as a broad range of technology companies investigate the possible commercial uses of unmanned aircraft.

Venture capitalists and companies are investing in drone technology on the expectation that unmanned aerial vehicles will prove beneficial for consumers and industrial customers. Inc and Google Inc are developing drones to deliver products to consumers. Yuneec’s Chinese rival SZ DJI Technology Co raised $75 million from Accel Partners in May.

“At Intel we believe in a smart and connected world. And one of the best ways to bring that smart and connected world to everyone and everywhere has been drones,” Intel Chief Executive Officer Brian Krzanich said in a video announcing the investment by Intel Capital.

“We’ve got drones on our road map that are going to truly change the world and revolutionize the drone industry.”

Intel and Yuneec will work on developing future products, the companies said on Wednesday.

Yuneec makes drones for consumers and industrial users, as well as manned electric aircraft.

Intel declined to provide further details on the collaboration.