Boumarang acquires Wavedrone technology to for its drone capabilities
Boumarang has acquired Wavedrone maritime drone technology from Shore House IVF, a technology firm in the Faroe Islands.
Wavedrone is an autonomous drone platform designed for maritime environments, capable of both above and subsurface filming.
The platform aims to tackle challenges in marine observation, search and rescue operations, and environmental monitoring.
The acquisition, valued at $3.5m, was completed through the issuance of Boumarang common stock.
This deal represents a strategic move for Boumarang as it expands its operations from aerial to maritime applications.
The addition of Wavedrone allows Boumarang to broaden its services to include several key areas, such as environmental monitoring, media and entertainment, search and rescue, and aquaculture.
Shore House IVF director Danial Hoydal said: “This acquisition aligns with our mission to lead in autonomous, sustainable solutions. Boumarang’s vision and capabilities position Wavedrone for rapid commercialisation and global deployment.”
In a related development, BioKey International has invested in Boumarang by acquiring five million shares in exchange for 20% of its issued and outstanding shares.
The partnership aims to improve Boumarang’s financial standing and visibility while providing BioKey with access to Boumarang’s advancements in drone technology.
In August 2024, Trust Stamp partnered with Boumarang to integrate the its AI technologies, including computer vision and data tokenisation, with Boumarang’s hydrogen-powered unmanned aerial vehicle (UAV) systems.
Trust Stamp granted Boumarang a non-exclusive license to use its AI technologies with hydrogen-powered drones for a one-time fee of $5m, paid through pre-paid common stock warrants, allowing Trust Stamp equity participation in Boumarang.
