The Chennai-based space tech startup Agnikul Cosmos has recently raised $11 million in its Series A funding round. It was led by Mayfield India.
On the other hand, its existing investors include pi Ventures, Speciale Invest, and Artha Ventures.
Moreover, the funding round also saw participation from BEENEXT, LionRock Capital, Globevestor, and a clutch of angel investors involving Anand Mahindra, Balaji Srinivasan, Nithin Kamath, Abhishek Singhania, Aarthi Ramamurthy, and Sriram Krishnan, Anicut Angel Fund, and LetsVenture, and more.
One of the official statements, the IIT-Madras incubated startup and it revealed that post-funding Mayfield India’s managing partner Vikram Godse will be joining the board of Agnikul cosmos.
In addition, the firm states that the proceedings will be invested in expanding its team and scale up its operations, technology, and business infrastructure.
Vikram Godse said- “Agnikul is democratizing access to space for the small satellite market, which is largely underserved globally. The team’s customer-centric approach combined with their ability to constantly innovate will help them stay ahead of the competition and build a global success story. We are excited to back Srinath and Moin on their journey to space”.
In March 2020, Agnikul had raised $3.1 million in its Pre-Series A funding and seed round of funding from Speciale Invest in 2019.
The company was launched in 2017 by Srinath Ravichandran, Moin SPM, and Prof, SR Chakravarthy, Agnikul Cosmos is involved in developing India’s private small satellite launch vehicle.
The firm is having its smallest launch vehicle capable of carrying up to 100 kg of payload to Low Earth Orbits. The founder stated- “Due to the COVID-19 situation, there have been a few delays but we are looking to launch our first mission in the second half of next year”.
If we talk about its operations amid covid-19 then all of its liquid oxygen-based testings are being paused. It has been done to ensure oxygen delivery to prospects across the nation.
The company explained- “Apart from this, both of us are also connecting people to the vendors we worked with for oxygen whenever they reach out to us. We are trying to help in whichever way we can”.
Lastly, talking about the current funding trends, the founder said that the opening up of the space sector and launch of In-Space will give tremendous growth. There has been a shift in investor mindset and they are gradually
Speaking about the current funding trends in the space tech sector, Srinath explained that with the opening up of the space sector and launch of In-SPACe, there has been a shift in investor mindset and they are gradually opening up to investing in space tech players.