InspeCity, a space technology firm, has raised $1.5 million in a pre-seed investment round co-led by Antler India and Veda VC and directed by deep-tech venture financier Speciale Invest. Anicut Capital, DeVC India, and other investors participated in the round.
The objective of InspeCity is to develop cutting-edge autonomous robotic platforms for in-space service that will be supported by the recent pre-seed funding. It will also be used to attract top people and build the company’s tech stack to achieve its purpose and vision.
“We are grateful for the support of our investors as we pursue our mission to build the first city in space. This will tremendously help us further develop our technology for in-orbit servicing and autonomous robotic platforms,” said Arindrajit Chowdhury, CEO, Inspecity.
The money raised will be mainly utilized to accomplish two goals. Using its Vehicle for life-Extension and Deorbiting Activities (VEDA) on an air-bearing platform, where both spacecraft would move without friction, InspeCity first hopes to show how a defunct satellite may be paired with a deorbited satellite.
Using a customized robotic system called RAMA (Remotely Actuated Motorized Arm), VEDA will detect the defunct satellite and dock with it. The demonstration will validate the viability of InspeCity’s in-orbit servicing system. Second, the money will be used to expand the team and improve the technology.
InspeCity is on a mission to build the first city in space
InspeCity was established in the middle of 2022 to resolve the issue of resource scarcity on Earth by constructing the first metropolis in an appropriate orbit between the Earth and the moon.
Autonomous robotic platforms are a crucial technology that enables the company to service satellites in all orbits. It is one of the enabling technologies the company is developing to construct such cities.
Larger constructions in space can be easily manipulated and machined using such skills. The goal of InspeCity is to eventually construct the city while also constructing space factories that support an entire in-space economy.
With its cutting-edge technology and long-term outlook, InspeCity is a crucial player in the expanding space. It is well-positioned to address the rising demand for non-GEO satellite constellations. According to Northern Sky Search, life extension will make up $4.7 billion of the $14.3 billion IoSM revenue expected by 2031.
“Our vision is to create a new economy in space and build human habitats that transcend the limitations of our current planetary systems. We are excited to have our investors join us in this journey towards the future of space exploration and development,” said Arindrajit Chowdhury, CEO, Inspecity.
InspeCity is positioned to significantly impact the space sector thanks to its focus on creating novel approaches for in-space maintenance and constructing expansive human dwellings outside the bounds of existing planetary systems.
“We are very excited to support InspeCity‘s ambitious mission to build cities in space. The company’s innovative technology, particularly its autonomous robotic platforms and in-orbit servicing capabilities, holds promise for the future of space exploration and development,” said Vishesh Rajaram, Managing Partner at Speciale Invest.
The iDEX platform has awarded Inspecity a grant of INR 15 million to create tiny propulsion systems for CubeSats. The TIH Foundation at IIT Bombay has granted the company INR 1 million for technological assistance to create an inter-satellite link.