Funding will be used for company's expansion plans
Founder Sureban says that the funds will help the company scale up significantly
The company has partnered with 12 ground stations around the globe
Pune-based spacetech startup VestaSpace Technology announced that it has raised $10 Mn in fresh funding from Next Capital. The funding will be used for the company’s expansion plans in India and the world.
Founded in 2018 by Arun Kumar Sureban, VestaSpace is capable of building small satellite platforms for applications such as technology demonstration, communications, earth observation missions, among others. It has already been working with ISRO and has aggressive strategic plans to expand globally.
Sureban says that the funds will help the company scale up significantly and estimates a growth of up to 300% based on the funding, cultivation of a strong global network and the acquisition of ground stations.
The company has partnered with 12 ground stations around the globe and specialises in building CubeSats and Nanosatellite technologies. CubeSats are miniature satellites that have been used exclusively in low Earth orbit for applications such as remote sensing or communications. In March 2020, the company deployed its first CubeSat with a payload of 10 kg and sent two satellites into orbit.
Vesta Space also offers proficient ground station services, whose antennas are pre-configured to link with communication modules automatically. Vesta Space has recently developed Mission Analysis and Launch-Assist operations as well.
Mission Analysis and Design is the analysis of satellite orbits to determine how best to achieve the objectives of a space mission. This is an end-to-end solution right from the definition, development and preparation phases of each project.
Last year, ISRO had announced to launch incubators across India to mentor space startups. The Indian space agency worked closely with startups to build newer solutions in rocketry communication satellites and various remote sensing data among others.
In March, Chennai-based spacetech startup Agnikul raised INR 23.4 Cr ($3.1 Mn) in a Pre-Series A funding round led by pi Ventures. Bellatrix recently raised $3 Mn in a Pre-Series A round led by IDFC-Parampara, StartupXSeed, Karsemven Fund (KITVEN) and Survam Partners at a valuation of $10 Mn.