Pune-based VestaSpace Technology on Wednesday said it has received USD 10 million (about Rs 75.8 crore) in funding from US-based investment and advisory firm Next Capital LLC.
Founded in 2018 by Arun Kumar Sureban, VestaSpace Technology specializes in making small satellite platforms for commercial and scientific applications.
The startup is developing an indigenous small satellite platform with a primary focus on assembly, integration, testing, and operation of satellite. The satellite platforms are for commercial and scientific applications enabling organizations levarage potential of small & Nanosatellites.
Spacecraft platforms developed by Vestaspace Technology Pvt ltd will cater to the needs of various Governments, Multi-National Companies, Universities and Research Institutions for applications such as technology demonstration, communications & earth observation missions.
“The massive financial support will enable VestaSpace Technology expand the reach of its innovative solutions across India and the world. The company estimates to achieve a 300 per cent growth rate post the funding,” a statement to PTI said.
“Our association with Next Capital LLC began with my stay in the US for a project and has culminated into a promising financial deal that was cracked in April. This deal is going to be a great financial booster for VestaSpace Technology and will allow us to expand and scale up our operations and expand our footprint globally,” Sureban said.
VestaSpace technology is aiming to acquire greater momentum by enabling businesses to leverage the potential of small and nanosatellites in India, he added.
“I strongly believe that India has tremendous intellectual capital for our innovative ventures to work,” he said.
To recall, in November last year Bengaluru-based space technology startup Pixxel inked an agreement with Italian firm Leaf Space for launching the first of its 24 earth imagery satellites, which is supposed to scheduled July this year. Pixxel had raised pre-seed round of funding from growX Ventures and other prominent angels such as Raju Reddy, Dileep Nath, Pawan Sarda, and others.
Also in last year, an another space-tech startup based out of Bangalore, Bellatrix Aerospace, had raised $3 million in pre-Series A funding led by group of VCs that include IDFC-Parampara, StartupXseed, Karsemven Fund and Survam Partners. Notably, bollywood star Deepika Padukone, through KA Enterprises also contributed in that round of funding.
In 2018, the Falcon 9 rocket of Elon Musk-promoted firm SpaceX took off its space flight and carried 70 satellites from 16 countries including one from India called ‘ExceedSAT 1’, which became the first ever private satellite from India.
~ With major Inputs from PTI