Defence Startup NewSpace Raises Fresh Funding
NewSpace, a defence startup, has raised Rs 26.6 crore or $3.21 million in a pre-Series B funding round led by existing backer QRG Investments and Holdings.
The funding round also saw participation from Ahmed Ali Husain Nalwala and DS Group (Dharampal Satyapal Ltd), among others.
As per the startup, the raised funds will be used for capital expenditure and other corporate purposes.
NewSpace | Developing NextGen Aerospace Products
Founded by Sameer Joshi in 2018, NewSpace Research and Technologies develops next-gen aerospace products for global markets. The firm designs and develops persistent drones for earth observation and communications.
NRT platforms operate from 5 km to 20 km with varied endurance (a few days to months). Additionally, the firm plans to focus on civil logistics operations for drones.
The Bengaluru-based startup, with a track record of over 10 NextGen projects delivered, is pushing the envelope of cutting-edge solutions for aerospace in industrial UAVs, collective robotics, GPS denied Visual Inertial Navigation, AI Modules, and augmented & virtual reality simulations.
QRG Investments and Holdings led the round with Rs 11.86 crore, followed by Ahmed Ali Husain Nalwala and DS Group, who poured in Rs 10 crore and Rs 2.96 crore, respectively. Further, Santosh Daljeet and Preety Daljeet Singh, Greentech Power Pvt Ltd and Anurag Bhatnagar invested the remaining sum.
With this round, the defence startup has marked its second fundraise in 2022. Earlier in February, the startup raised $21 million in a Series A round. NewSpace has raised around $33 million in funding in total.
In recent times, there has been increased traction in the aerospace segment. Last month, Chennai-based drone startup Garuda Aerospace raised $5 million in funding to build advanced drone solutions for the Indian Armed Forces in collaboration with global giants from the defence and aerospace sectors.
In September 2021, the Indian Army signed two deals worth over Rs 200 crore for Swarm drones with NewSpace and Noida-based Raphe.
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