VestaSpace Technology Pvt. Ltd, which operates a space-technology startup focussed on providing small and medium businesses with access to satellites, has raised $10 million (approximately Rs 75.86 crore at current exchange rates) in funding.
VestaSpace has raised this funding from Next Capital, US-based investment management and advisory services firm.
The Pune-based company will use the funds to enhance its technological infrastructure and scale up its operations, the company executives told VCCircle.
“VestaSpace technology is aiming to acquire greater momentum by enabling businesses to leverage the potential of small and nanosatellites in India,” Arun Kumar Sureban, founder at VestaSpace, said.
Sureban, who is an alumnus of the University of Southern California, has been associated with companies including i-Logicon Control Automation, according to his LinkedIn profile.
VestaSpace was set up by Sureban in 2018. The company says it helps startups and mid-sized businesses to access the benefits of small satellites, satellite communication, sensors and connected devices.
The company has been working with institutions including the Indian Space Research Organisation and is firming up global expansion plans.
The investment in the firm is indicative of the growing interest in space-tech startups. While marquee names such as Elon Musk’s SpaceX and Jeff Bezos’ Blue Origin have captured public attention, several smaller outfits have also attracted investor attention for their product approaches and technological portfolio.
In June last year, for example, the Indian Institute of Science-incubated Bellatrix Aerospace raised $3 million (around Rs 21 crore) in a pre-Series A funding round led by IDFC-Parampara, StartupXseed, Karsemven Fund (KITVEN) and Survam Partners, the family office of Suman Kant Munjal.
Other investors in the round included actor Deepika Padukone, GrowX Ventures, CIIE (an incubator of IIM-Ahmedabad) and SINE (an IIT-Bombay incubator).
TeamIndus, meanwhile, has attracted angel investments from the likes of Tata Sons’ Ratan Tata, Infosys co-founder Nandan Nilekani, Flipkart founders Sachin Bansal and Binny Bansal, Sasken Communications' Raji Mody and TVS Group's Venu Srinivasan.