In a bridge round, NewSpace Research & Technologies (NRT), a drone company in India’s defense industry, secured $52 million (INR 430.9 Cr).
The company has acquired $19 million in debt financing from SBI’s startup hub and SIDBI, and secured a bridge round of $33 million in equity from well-known investors, people aware of the development told ET.
Read also – [Funding alert] Myntra Raises $54 Mn Investment From Flipkart
It recently showcased a solar-powered unmanned aerial vehicle (UAV) that could fly continuously for 21 hours—a first for India. The Indian Army is presently receiving a tethered system from NRT.
The firm, which hopes to become a unicorn in five years, secured $21 million in its first round of funding in February 2022. The amount of money raised has not been shared.
Over the past two years, NRT has supplied the Defense Ministry with a swarming system and broken the world record for the greatest altitude flight achieved by a multirotor system.
About NRT
NewSpace Research and Technologies (NRT) based in Bengaluru, designs and develops Persistent Drones for Earth Observation and Communications. NRT platforms operate from 5km to 20 km with varied endurance (a few days to months)
Read also – India’s First Text-to-Image Model Launched by Fractal
