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Defence Startup Newspace Raises $21 Million In Funding

Feb 22, 2022•over 3 years ago

Amount Raised

$21 Million

Delhi

Description

New Delhi: In what is possibly the largest venture capital funding into the defence sector, NewSpace Research & Technologies, a Bengaluru-based startup that specialises in drone technology has raised $21 million in a round led by Pavestone Technology Fund. The funding was raised at an undisclosed valuation. The startup aims to become a unicorn within the next five years.

Company Information

Company

New Space Research & Technologies

Location

Delhi, Delhi, India

About

The startup aims to become a unicorn within the next five years. “Our belief is that the opportunity is large and the company is working on two, three products for the future. The funding raised is believed to be adequate for the next 18 months as the company starts delivering its products to the armed forces and future rounds are planned after that. Besides the defence market, the company will also focus on the civil logistic operations for drones and is delivering products as the market has just opened up. On Feb 10, the company signed a design and development contract with the defence ministry to develop a High Altitude Pseudo Satellite (HAPS), which will be able to conduct surveillance operations and support communications by staying airborne for months at a stretch.

Funding Insights

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