Bhubaneswar, Orissa-based aerospace technology startup, Tzar Aerospace Research Labs, has raised whopping US$ 15 billion for 37% private equity from leading Singapore based company, Dreamvision Overseas, reported several media outlets including Outlook and The Week.
The size of funding of this amount is massive, we are trying to reach the startup to verify the details on our end.
Founded in 2016, by Priyam Mohanty, Tzar Aerospace designs and develops conceptual unmanned Hypersonic Research Aircraft with new computational approaches and methods. The startup aims to be a catalyst in the development, exploration, and commercialization of emerging aerospace markets by providing innovative, entrepreneurial aerospace solutions to commercial and civil customers.
The technical competencies of Tzar Aerospace include product/system development, aerospace system design, rapid prototyping and business analysis. The scientific approach of the organization is Systems of System based learning (SSBL) coupled with spatial reasoning.
Speaking on fund-raise, Mr. Priyam Mohanty, Founder of Tzar Aerospace said, “It’s a matter of tremendous pleasure and great pride for us that we have successfully marked our presence in the field of Aerospace market. Our startup has been very successful in establishing the trust among its clients and because of this trust recently we have raised $15 billion USD for 37% private equity from leading Singapore based companies, Dreamvision Overseas.”
According to Registrar of Companies details, furnished by SGP Business, Dreamvision Overseas Pte. Ltd. is a exempt private company limited by Shares, incorporated on 23 January 2018 (Tuesday) in Singapore. The company, which has current operating status as live and has been operating for only 1 year 108 days. The Company’s principal activity is wholesale trade of a variety of goods without a dominant product with other holding companies as the secondary activity.
Last month, Tzar Aerospace has also signed an MoU with Central Tool Room & Training Centre (CTTC), Bhubaneswar, to explore and execute technology development and finding best possible solutions by using the later’s expertise of designing and manufacturing of high precision components and assemblies