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Friday, February 3, 2023

Defence startup NewSpace secures Rs 26.6 crore for corporate purpose

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Defence startup, NewSpace, has secured Rs 26.6 crore in funding. The company will use the money for  corporate purposes including  capital expenditure.

NewSpace, a defence startup, has received Rs 26.6 crore (about $3.21 million) in a pre-Series B financing headed by previous backer QRG Investments and Holdings.

Ahmed Ali Husain Nalwala and DS Group (Dharampal Satyapal Ltd), among others, participated in the investment round. According to the firm, the monies generated will be utilised for capital expenditure and other business reasons.

Sameer Joshi founded NewSpace Research and Technologies in 2018 to create next-generation aeronautical goods for worldwide markets. The company creates persistent drones for earth monitoring and communication.

NRT platforms cover distances ranging from 5 km to 20 km and have varying endurance (a few days to months). Furthermore, the company intends to concentrate on civil logistical operations for drones.

The Bengaluru-based firm, which has completed over ten NextGen projects, is pushing the boundaries of cutting-edge aerospace solutions in industrial UAVs, collective robots, GPS-denied Visual Inertial Navigation, AI Modules, and augmented & virtual reality simulations.

The round was headed by QRG Investments and Holdings, which contributed Rs 11.86 crore, followed by Ahmed Ali Husain Nalwala and DS Group, who contributed Rs 10 crore and Rs 2.96 crore, respectively. The remaining funds were invested by Santosh Daljeet and Preety Daljeet Singh, Greentech Power Pvt Ltd, and Anurag Bhatnagar.

The defence company has raised its second round of funding in 2022 with this round. Earlier this month, the company secured $21 million in a Series A investment.

NewSpace has raised around $33 million in total investment. Recently, there has been rising interest in the aircraft sector.

Garuda Aerospace, a Chennai-based drone company, secured $5 million in investment last month to develop sophisticated drone systems for the Indian Armed Forces in conjunction with global defence and aerospace behemoths.

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