Boumarang, a leading drone technology company, has acquired the Wavedrone maritime drone technology from Shore House IVF, a technology firm based in the Faroe Islands. The acquisition, valued at $3.5 million, was finalized through the issuance of Boumarang common stock.
Wavedrone is an autonomous drone platform specifically designed for maritime environments. It is capable of conducting both above-water and subsurface filming. The platform is intended to address key challenges in marine observation, search and rescue missions, and environmental monitoring.
This acquisition marks a significant expansion for Boumarang, which has primarily focused on aerial drones. The move into maritime applications will allow Boumarang to offer new services in areas such as environmental monitoring, search and rescue, media and entertainment, and aquaculture.
Danial Hoydal, Director of Shore House IVF, expressed confidence in the acquisition, stating that it aligns with the company’s mission to lead in autonomous, sustainable solutions. He believes Boumarang’s capabilities will enable Wavedrone to be rapidly commercialized and deployed globally.
In a related development, BioKey International has invested in Boumarang by purchasing five million shares, acquiring a 20% stake in the company. This investment aims to strengthen Boumarang’s financial position and enhance its market visibility, while also providing BioKey access to the company’s advanced drone technology.
Additionally, in August 2024, Boumarang entered a partnership with Trust Stamp to integrate its AI technologies with Boumarang’s hydrogen-powered UAV systems. Trust Stamp granted Boumarang a non-exclusive license to use its AI technologies, including computer vision and data tokenization, in exchange for a one-time fee of $5 million, paid through prepaid stock warrants. This agreement also allows Trust Stamp to gain equity participation in Boumarang.
