Skyroot Aerospace Reaches New Funding Milestone
Indian Space Tech start-up Skyroot Aerospace has recently completed a funding round led by Singapore’s Temasek Holdings. It raised $27.5 million, marking a significant milestone in the company’s growth.
With this investment, Skyroot Aerospace has now raised $95 million, setting a new record for the highest amount ever raised by an Indian Space Tech start-up.
The Pre-Series C funding round is expected to propel the company’s growth in several key areas, including infrastructure investments, technology development, enhanced launch capabilities, and team strengthening. These initiatives aim to boost the company’s presence in the competitive global satellite launch market.
Skyroot Aerospace: A Brief Overview
Skyroot Aerospace was founded in 2018 by former Indian Space Research Organisation (ISRO) engineers, Pawan Kumar Chandana and Naga Bharath Daka. The company has been actively involved in revolutionizing India’s space industry by introducing privately developed rockets and engaging with global satellite markets.
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In November of the previous year, Skyroot Aerospace achieved a significant milestone by launching India’s and South Asia’s first privately developed rocket, named Vikram-S, into space. This mission, known as ‘Prarambh,’ marked a momentous entry of the private sector into India’s space program, which was traditionally government-controlled and funded.
Leveraging Flight Data for Future Missions
The flight data generated from the ‘Prarambh’ mission is invaluable as it will be used to plan future missions, specifically utilizing the Vikram Series of launch vehicles. It will aid in assessing various components of in-flight avionics, including telemetry, tracking, inertial measurement, GPS, cameras, data acquisition, and power systems.
Partnership with ISRO
Skyroot Aerospace became the first start-up to enter into a memorandum of understanding (MoU) with ISRO. It provides the company access to the space agency’s advanced facilities and expertise.
The company offers on-demand, cost-effective, and regular space launch services to cater to the global small and medium-sized satellite market. This approach has positioned Skyroot Aerospace as a notable player in the emerging private space industry of India.
India’s Thriving Space Industry
India’s space technology industry has seen a significant boost following the success of missions like Chandrayaan-3. This achievement has ignited a growing interest among both conglomerates and start-ups to explore various facets of the space sector.
Over 150 space technology start-ups are now competing in the growing space industry. The ISRO’s Small Satellite Launch Vehicle (SSLV) has attracted interest from 23 companies, and the transfer of 19 active patents to the private sector by ISRO signifies a surge in funding and collaboration in the space start-up ecosystem.
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While India faces challenges such as satellite dependence on the West and limited presence in certain space activities, the country is actively working to address these issues and expand its role in the global space industry.
Conclusion
Skyroot Aerospace’s latest funding milestone positions it as a key player in India’s private space industry, aiming to be a preferred choice for space launch services for small satellites in the global market. This investment paves the way for further advancements and opportunities in India’s thriving space sector.
