Abyom Bags $2.5 Mn To Build Reusable Rockets, Space Infra

Abyom, a startup focused on reusable rocket technology and space infrastructure, has secured $2.5 Mn (around INR 21 Cr) as a part of its ongoing seed funding round from startup networking platform SCOPE Ventures. 

According to the company, this is the first tranche of its $5.4 Mn seed round and is aiming to close it by February next year.

Gorakhpur-based Abyom plans to use the fresh capital to expand its team and hiring to drive the development of advanced space technology.

It also aims to ramp up its R&D efforts, focused on innovations in space infrastructure, including setting up of plug-and-play rocket engine testing facilities across India.

Founded in 2020, Abyom claims to be developing reusable rockets and RLVs to address the demand-supply gap in satellite launches. 

The startup is working on a control system for reusable rockets, a rocket booster, and a portable engine testing system for low Earth orbit launches.

“Together, we are charting a new course in rocket journey, and we eagerly look forward to onboarding more visionary partners soon,” said Jainul Abedin, founder and chief executive of Abyom SpaceTech.

Founded by Appalla Saikiran, SCOPE is an invite-only networking platform that connects startups, investors, and industry experts globally. 

It aims to empower startups to collaborate, seek funding opportunities, and accelerate their growth. Its offerings include financial consulting and high-frequency trading solutions.

Earlier this year, SCOPE launched a $50 Mn VC fund under its investment arm, SCOPE VC, to support startups. 

Along with funding, SCOPE VC plans to implement a Y Combinator-style cohort model, offering selected startups mentorship, corporate connections, and strategic resources.