CHENNAI: Space technology startup Agnikul Cosmos has raised Rs 200 crore (approximately $26.7 million) in Series B funding from venture capital investors including Celesta Capital, Rocketship.vc, Artha Venture Fundand Artha Select Fund, along with participation from existing investors Mayfield India, pi Ventures, Speciale Invest and others.
This is Agnikul’s largest fundraising to date and brings the total capital raised to date to $40 million.
With Agnikul’s test launch scheduled for November/December, the space technology startup plans to use the funds to prepare for the first wave of commercial launches. The startup will also use it to build out key launch infrastructure, such as mobile launch pads and other necessary equipment. It also plans to scale its team from about 225 currently to about 300, with a focus on launch management and operational skills.
“We’ve validated the technology, so now it’s time for us to help customers get into space with our vehicle and see how they can do that from multiple launch pads, etc. With this capital, we’re going from an aerospace design company to an aerospace manufacturing company . and launch operations entity.” Srinath Ravichandran, co-founder and CEO of Agnikul told TOI. Agnikul is in talks with about 40-45 global customers across industries for their on-demand small payload launch solutions, he added.
Agnikul’s first of its kind patented 3D printed rocket engine Agnilet has already successfully tested it in early 2021
Agnikul also inaugurated last year its factory dedicated to end-to-end 3D printing of rocket engines. In August 2023, Agnikul began the process of integrating its advanced launch vehicle, Agnibaan SOrTeD (SubOrbital Technological Demonstrator), with its private launch pad located at the Satish Dhawan Space Center (SDSC) SHAR in Sriharikota.
Agnikul Cosmos, founded in 2017 by Srinath Ravichandran, Moin SPM and Prof SR Chakravarthy of IIT Madras, is building a small launch vehicle, Agnibaan, which will be capable of carrying up to 100 kg payload to low Earth orbits up to 700 km.
This is Agnikul’s largest fundraising to date and brings the total capital raised to date to $40 million.
With Agnikul’s test launch scheduled for November/December, the space technology startup plans to use the funds to prepare for the first wave of commercial launches. The startup will also use it to build out key launch infrastructure, such as mobile launch pads and other necessary equipment. It also plans to scale its team from about 225 currently to about 300, with a focus on launch management and operational skills.
“We’ve validated the technology, so now it’s time for us to help customers get into space with our vehicle and see how they can do that from multiple launch pads, etc. With this capital, we’re going from an aerospace design company to an aerospace manufacturing company . and launch operations entity.” Srinath Ravichandran, co-founder and CEO of Agnikul told TOI. Agnikul is in talks with about 40-45 global customers across industries for their on-demand small payload launch solutions, he added.
Agnikul’s first of its kind patented 3D printed rocket engine Agnilet has already successfully tested it in early 2021
Agnikul also inaugurated last year its factory dedicated to end-to-end 3D printing of rocket engines. In August 2023, Agnikul began the process of integrating its advanced launch vehicle, Agnibaan SOrTeD (SubOrbital Technological Demonstrator), with its private launch pad located at the Satish Dhawan Space Center (SDSC) SHAR in Sriharikota.
Agnikul Cosmos, founded in 2017 by Srinath Ravichandran, Moin SPM and Prof SR Chakravarthy of IIT Madras, is building a small launch vehicle, Agnibaan, which will be capable of carrying up to 100 kg payload to low Earth orbits up to 700 km.
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