Defense startup NewSpace bags $3.21million in pre-Series B funding
- ByStartupStory | December 30, 2022
Defense startup NewSpace has raised $3.21 million, or Rs 26.6 crore, in a pre-Series B funding round that was spearheaded by an existing backer, QRG Investments and Holdings.
Among others, Ahmed Ali Husain Nalwala and DS Group (Dharampal Satyapal Ltd) participated in the investment round. According to the firm, the funds will be utilised for corporate reasons and capital expenditures.
NewSpace Research and Technologies, established in 2018 by Sameer Joshi, creates cutting-edge aeronautical goods for international markets. The company creates and develops persistent drones for communications and earth observation.
NRT platforms have a range of operating distances from 5 km to 20 km (a few days to months). The business also intends to concentrate on civil logistical operations with drones.
The Bengaluru-based startup is pushing the boundaries of cutting-edge solutions for aerospace in industrial UAVs, collective robotics, GPS denied Visual Inertial Navigation, AI Modules, and augmented and virtual reality simulations. The startup has a track record of delivering over 10 NextGen projects.
With Rs 11.86 crore, QRG Investments and Holdings took the lead in the round. Ahmed Ali Husain Nalwala and DS Group then contributed Rs 10 crore and Rs 2.96 crore, respectively. The remaining amount was invested by Anurag Bhatnagar, Greentech Power Pvt Ltd, Santosh Daljeet and Preety Daljeet Singh, and them.
The defense startup has raised money for the second time in 2022 thanks to this financing. The business raised $21 million in a Series A financing earlier in February. A total of $33 million has been raised for NewSpace.
In recent years, the aerospace industry has gained more traction. Garuda Aerospace, a drone startup based in Chennai, raised $5 million in funding last month to develop cutting-edge drone solutions for the Indian Armed Forces in partnership with global heavyweights in the aerospace and defense industries.
The Indian Army and Noida-based Raphe signed two contracts for Swarm drones in September 2021, totaling more than Rs 200 crore.
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