Bengaluru-based space technology startup Digantara has successfully concluded its Series A funding round with an additional $2 million injection from Aditya Birla Ventures and the Small Industries Development Bank of India (SIDBI) Venture Capital (SVCL).
This brings the total Series A funding to $12 million, following last year’s $10 million injection from Peak XV Ventures.
The space situational awareness (SSA) specialist, Digantara, operates to understand the orbital environment, providing accurate data on space radiation and object locations.
CEO Anirudh Sharma highlighted that currently, only 4 percent of objects in orbit are tracked, creating a significant surveillance gap. Digantara’s solutions include the Space-Mission Assurance Platform (Space-MAP) and the Space Threat Assessment & Response Suite (STARS), catering to stakeholders and the global defense sector, respectively.
Global Expansion and Future Ventures
Digantara aims to expand its offerings to the US, UK, and EU markets. The company plans to launch two space-based SSA sensors and operationalize two observatories in India. This funding comes at a crucial juncture when the space tech startup ecosystem benefits from regulatory support, such as the Indian Space Policy 2023, and eases FDI norms in the country’s space sector.
The extended Series, A funding of INR 15.54 crore (approximately $1.88 million), was led by Naman Finance and Investment Private Limited, an Aditya Birla Group investment arm, with participation from SIDBI Venture Capital.
Post-allotment, Aditya Birla Group holds a 1.41 percent stake, and SIDBI Venture Capital holds 1.23 percent. The post-funding valuation is around INR 590 crore or $71 million, marking a 2X increase from the previous round.
Digantara’s Funding Journey
To date, Digantara has raised $14.4 million across three funding rounds. In June 2023, it secured $10 million in a series A1 round led by Peak XV Partners and Kalaari Capital. The company, founded in December 2018, is dedicated to enabling safe and sustainable space operations through its multi-modal data pool infrastructure.
In 2023, Digantara expanded its operations to Singapore and initiated the development of India’s first commercial SSA optical observatory in Uttarakhand. This observatory is crucial in enhancing the nation’s space and SSA capabilities. The firm also launched two missions serving as a space weather testbed.
For the fiscal year ending March 2023, Digantara reported revenue of INR 2.37 lakh from operations, with losses amounting to INR 3.54 crore.
Digantara’s recent funding success positions it strategically in the evolving space tech landscape. The company will significantly contribute to the space industry with a focus on global expansion and enhancing space situational awareness.
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