Spacetech startup EtherealX raises $5 Mn in seed funding led by YourNest.
The fresh capital will be used to develop engines for fully reusable medium-lift launch vehicles.
EtherealX aims to capture 30-40% market share by offering lower launch costs.
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Bengaluru-based spacetech startup EtherealX has raised $5 Mn (INR 42 Cr) in a seed funding round led by YourNest, with participation from BIG Global Investments JSC, BlueHill Capital, Campus Fund, Golden Sparrow Ventures and others.
The startup plans to use the fresh funds to develop engines for their fully reusable medium-lift launch vehicle, Razor Crest Mk-1.C
EtherealX aims to solve the problem of high launch costs with a new fully reusable medium-lift vehicle, offering absolute reusability to help reduce transportation costs and cut launch timeframes.
Manu J Nair, CEO of EtherealX, said, “The funds from this round will be utilised towards the completion of our test facility, final tests and qualification of the 40kN engine for the upper stage, and for the manufacturing of the 925kN semi-cryogenic engine.”
Founded in 2022 by Manu J. Nair, Shubhayu Sardar, and Prashant Sharma, EtherealX is developing the Razor Crest Mk-1, designed to be the world’s first fully reusable medium-lift launch vehicle.
The vehicle can carry payloads of up to 24.8 tonnes to Low Earth Orbit (LEO) in an expendable configuration and 8 tonnes in a fully reusable configuration.
EtherealX plans to validate its technology with a Technology Demonstrator Vehicle (TDV) set to launch in 2026.
Of the major spacetech startups in India include Agnikul, Digantara, Bellatrix, Pixxel and Skyroot among others.
For instance, in February this year, spacetech startup Digantara marked the final close of its Series A1 funding round at $12 Mn (around INR 99 Cr).
In May, spacetech startup Agnikul Cosmos completed the first flight or Mission 01 of its homegrown rocket Agnibaan SOrTeD. The launch took place from the company’s private launchpad, located within the SDSC-SHAR at Sriharikota.
As per Inc42’s Indian Spacetech Startup Landscape & Market Opportunity Report 2023, over 150 startups have collectively raised more than $285 Mn. Moreover, the sector is estimated to reach a market size of $77 Bn by 2030.
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