Skyroot Aerospace Raises $27.5M, Prepares to Launch into Global Satellite Market
Skyroot Aerospace, a prominent player in the space launch vehicle design and manufacturing industry, has successfully secured $27.5 million in a pre-Series C funding round led by Temasek. This significant injection of capital brings the total funding for the launch vehicle manufacturer to $95 million, making it the largest funding corpus for any Indian space technology startup. In comparison, Pixxel has raised $71 million in total venture funding, while Agnikul Cosmos stands at $40 million. This infusion of funds is set to propel Skyroot Aerospace into the global satellite launch services market, with multiple orbital launches planned over the next two years. The startup has outlined a strategic plan for these funds, including increased investments in infrastructure, the strengthening of its technology leadership, attracting top-tier talent, and enhancing its launch frequency and capabilities. Headquartered in Hyderabad, Skyroot Aerospace was founded in 2018 by former space scientists-turned-entrepreneurs, Pawan Kumar Chandana and Naga Bharath Daka. In November 2022, the company achieved a significant milestone by successfully launching India’s first privately developed rocket, marking the entry of the Indian private space sector into the space launch market. The startup is positioning itself to offer “on-demand, cost-effective” regular space launch services to the rapidly growing global small and medium-sized satellite market. Its customers will include satellite operators seeking to deploy single satellites or constellations across various orbits. Pawan Kumar Chandana, Co-founder and CEO of Skyroot, expressed his enthusiasm about the new funding, stating, “As we prepare for the launch of our second mission early next year, this new funding will enable us to accelerate our upcoming launches planned over the next two years. As a key player in India’s private space industry, we are amplifying our capabilities to tap into the expanding global satellite launch market with a goal to emerge as a favourite ‘go-to’ choice in space launch services for small satellites.” Bharath Daka, Co-founder and COO of Skyroot added, “This fund-raise will help us invest in the enhancement of our production infrastructure, R&D, and team strength, enabling us to achieve a higher launch cadence in the years to come.” Skyroot Aerospace’s recent funding success highlights its growing prominence in the space-tech sector and paves the way for other Indian space startups to achieve significant capital injections. As the company continues to advance its satellite launch capabilities, it is poised to become a major player in the space industry on a global scale.
Skyroot’s total funding now stands at $95 million, which would help it breakout into global satellite launch market with multiple launches.
Skyroot's total funding now stands at $95 million, which would help it breakout into global satellite launch market with multiple launches.
["Skyroot Aerospace"]
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["AI", "R", "Go", "API", "startup", "funding", "programming_languages:R", "programming_languages:Go"]
Shyam is a tech journalist with expertise in policy and politics, and exhibits a fervent interest in scrutinising the convergence of AI and analytics in society. In his leisure time, he indulges in anime binges and mountain hikes.