Drone tech player NewSpace raises $21-M led by Pavestone Tech Fund

Bengaluru-based NewSpace Research & Technologies, a startup that specialises in drone technology, has raised USD 21 million in a round led by Pavestone Technology Fund. NewSpace, which has won at least two contracts from the Defence Ministry in the last year, specialises in swarm drone systems and is working on a project with Hindustan Aeronautics Ltd (HAL) to develop a cutting edge pseudo satellite for surveillance and communications.