Skyroot Aerospace, a private Indian space-tech company based in Hyderabad, has secured $27.5 million in funding in a pre-Series C round led by Temasek, headquartered in Singapore. This funding marks a significant milestone for the company, propelling its total funding to an unparalleled $95 million, making it the most substantial investment ever garnered by an Indian space-tech startup.
The fresh funding will catalyze Skyroot Aerospace’s expansion plans, focusing on critical infrastructure, technology innovation, talent acquisition, and enhancing launch capabilities.
Skyroot Aerospace’s achievements
Historical Success: In November 2022, Skyroot Aerospace achieved a significant milestone by successfully launching India’s and South Asia’s first privately developed rocket, marking the Indian private space sector’s entry into the space launch market.
Access to ISRO Expertise: Skyroot Aerospace is the first startup to sign a memorandum of understanding (MoU) with the Indian Space Research Organization (ISRO), granting them access to cutting-edge facilities and unparalleled expertise.
Market Position: Skyroot aims to cater to the global small and medium-sized satellite market, offering cost-effective, reliable, and regular space launch services for satellite operators deploying single or constellations of satellites.
The infusion will bolster Skyroot’s position in the competitive global satellite launch market, allowing for increased launch frequency and the deployment of cutting-edge technology.
Founded in 2018 by eminent space scientists turned entrepreneurs Pawan Kumar Chandana and Naga Bharath Daka, Skyroot Aerospace made history in November 2022 with the successful launch of India’s and South Asia’s first privately developed rocket.
This achievement marked India’s entry into the space launch market and generated immense global interest in the nation’s space capabilities.
Strategic Collaboration with ISRO
Skyroot Aerospace’s strategic partnership with the Indian Space Research Organization (ISRO) has played a pivotal role in their success story. Through a Memorandum of Understanding (MoU), Skyroot gained access to ISRO’s state-of-the-art facilities and unmatched expertise, positioning them at the forefront of technological advancement in the industry.
Central to Skyroot Aerospace’s innovative prowess is the Vikram series of rockets. Specifically engineered for the efficient and reliable deployment of small and medium-sized satellites into space, these rockets will revolutionize India’s space launch capabilities. With its unique technology, Skyroot aims to become the preferred choice for launching small satellites globally.
Global Recognition and Future Endeavors
The recent successful moon landing mission by India has amplified the country’s reputation in the global space arena. As India’s private space industry gains momentum, Skyroot Aerospace stands poised to capitalize on the increasing demand for satellite launch services. The additional funding will expedite their upcoming launches planned over the next two years, further solidifying their position in the global space market.
Skyroot Aerospace’s latest funding is a giant leap for India’s private space sector. With strategic investments, groundbreaking technology, and a vision for the future, Skyroot Aerospace will drive India’s space prowess to new heights, ensuring a promising future for the nation’s space exploration endeavors.
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