[Financial News] 10 billion won worth of money has been poured into drone (unmanned aircraft) startups discovered by IR (corporate briefing) led by the Defense Acquisition Program Administration. It is an investment move amid a situation where the role of drones in modern warfare is becoming important due to the Ukraine-Russia war and the Israel-Palestine conflict. It is evaluated that sales growth is high in the future due to the growth of demand for private drones as well as orders for major defense projects in Korea.
According to the investment bank (IB) industry on the 11th, T Investment, Korea Investment & Securities, and New Main Capital have recently invested 10 billion won in the drone development and producer "PRENEU" centered on "BNK-Hyundai Defense Technology Innovation Fund."
Previously, the Credit Guarantee Fund, Yuanta Innovation Job Fund, Suin Investment, Ernest Ventures (Gyeonggi Re-challenge Investment Association), and BNK Investment & Securities-K& have invested in PRENEU.
PRENEU was created by researching and developing drone-related technologies from 2015 inside Xpernet, which supplies IT solutions and services. Since its injection in 2017, it has been investing in drone technology development and production.
It is evaluated that PRENEU can manufacture various types of aircraft such as fixed blades, rotor blades, and helicopters through years of research and development, and also has the ability to develop software and other convergence systems that control and operate them. In order to strengthen the competitiveness of military project orders, core parts were localized and production infrastructure was also established to increase scarcity in the market. In addition to the direct implementation of the project, indirect participation is expected, and sales are expected through this. It is evaluated that there is a high possibility of winning project orders, and even if it is difficult to participate, indirect participation in areas such as parts supply and production is possible.
PRENEU formed a relationship with investors through the Defense Industry Corporate Innovation IR held by the Defense Acquisition Program Administration on June 28, 2023, with the National Defense Technology Promotion Institute and Korea Growth Finance. The Series B investment is reportedly led by the "BNK-Hyundai Defense Technology Innovation Fund," the first policy-type fund in the domestic defense sector created by BNK Investment & Securities and Hyundai Technology Investment with a scale of 40 billion won. The fund invested 20 billion won by the first policy-type parent fund in the defense sector with a scale of 60 billion won led by Korea Growth Financial Investment Management and 4 billion won by the Korea Development Bank. It also invested 2 billion won in RFHIC's affiliate, RFHIC.
Source: Financial News(https://www.fnnews.com/news/202403080734040416)