Astrome Bags $10 Mn In Funding Led By Apollo Global

SUMMARY

Astrome intends to utilise the fresh capital to fuel its expansion into new markets and develop new product lines

The startup also aims to foray into satellite communication markets

Founded in 2015, Astrome develops wireless communication products for 5G, rural broadband and satellite network telecom providers

Bengaluru-based deeptech startup Astrome Technologies has raised $10 Mn (INR 86.35 Cr) in a funding round led by PE firm Apollo Global Management. Existing investor IAN Group also participated in the round.

The startup intends to utilise the fresh capital to fuel its expansion into new markets and develop new product lines. In a statement, it said it also aims to foray into the satellite communication market.

“This foray into the satcom market represents the timely realisation of the vision with which this company was founded – to drive innovation and create solutions that enhance connectivity on a global scale,” Astrome cofounder and CEO Neha Satak said.

Founded in 2015 by serial entrepreneurs Satak and Prasad HL Bhat, Astrome develops wireless communication products for 5G, rural broadband and satellite network telecom providers. It sells its patented millimeter wave E-band radios and satellite communication products to satellite operators, wireless equipment manufacturers, system integrators and government agencies.

The startup provides gigabit speed telecommunications solutions to telecom service providers, enterprises and defence. It claims to be expediting the deployment of 5G-based services in suburban and broadband in rural areas through its parental telecom radios and satellite telecommunication.

The company is involved in producing a next generation E-band radio cable with an ability to deliver 50Gbps per device.

In 2021, the startup raised $3.4 Mn in a funding round co-led by Indian Angel Network (IAN) and Cognizant founder Lakshmi Narayanan to expand into the US market.

Backed by South Korea’s Impact Collective, ArtPark, and a consortium of US-based angel investors, the startup has raised close to $14 Mn to date.

The development comes at a time when the deeptech sector is seeing a rise in interest from investors. Earlier this month, former NITI Aayog CEO Amitabh Kant called for a deeptech-focussed fund of funds (FoF) for startups.