Drone maker NewSpace raises $33-M in equity from Cornerstone, 360 ONE, Volrado

Bengaluru-headquartered Newspace Research & Technologies (NRT) , a drone manufacturer catering to the defence sector, has attracted USD 52 million in a bridge round. The funding includes USD 33 million in equity and USD 19 million in debt facilities from SBI’s startup hub and Small Industries Development Bank of India (SIDBI).The firm has attracted three new venture capitalists: Cornerstone Venture Partners, 360 ONE and Volrado Venture Partners. Existing investors contributed more than 40% of the current investment.NRT, specialising in swarm drone technology, collaborates with the Ministry of Defence. Aiming for global expansion, it has demonstrated swarm drone operations in Japan.