NewSpace Research and Technologies, a startup in the drone industry $21 Mn in a round led by Paveston Technology Fund. The valuation for the funding remains undisclosed, but the company aims at becoming a unicorn in the next five years.

According to a piece of news carried by the Economic Times, NewSpace has won two contracts from the Indian government and is going to provide products to the defence ministry. The company specialises in swarm drone systems and is engaged in a project with Hindustan Aeronautics Limited for the development of pseudo satellite for surveillance and communications.

“Our belief is that the opportunity is large and the company is working on two, three products for the future. If done well, it could quickly be a unicorn in the next five or six years,” Sridhar Rampalli, Managing Partner of Pavestone Technology Fund said.