The technology is all used in electric model helicopters, but has one important drawback - it can't autorotate. Lose one motor, the whole thing crashes and burns. The "Powerful 3-phase motors and 3-phase speed controllers" are in everyday use in model aircraft and helicopters. I have, umm, 9 model aircraft using them sitting right now in my garage. A motor the size of the ones in the "UAV" costs about £40, the speed controller a similar amount and the LiPo battery (they had one per motor) about £50, all bought from my local hobby shop. I even have a video camera I can attach to any of my models, and in our club there is at least one remote telemetry video camera.
The only different thing is the control board that coordinates the motor thrust to give speed and directional control. Big deal. You can but something that'll do that as a toy (with 4 upward-facing props) for less than £100 on the high street. It ain't rocket science.
It's not even a UAV in the commonly accepted meaning of the term, it's remotely controlled. Most UAVs have some autonomous flight capability - if you take your fingers off the transmitter this one will crash and burn. All it is is an RC aircraft that is in fact inferior to an electric helicopter (because it can't auto rotate).
For goodness sake, it's complete rubbish - these days there are even plenty of model aircraft hobbyists who have mounted cameras on gimbals on their aircraft, wear goggles with head-tracking software that controls the gimbals, and they fly their models out of direct sight using the cockpit view (Of questionable legality in the UK, mind).
€5000? Rubbish. £1000 absolute max.
Bloody students just wanted their university to pay for their model plane.
Oooh, look, I've had a rant!