Indian space tech startup Agnikul Cosmos has successfully secured ₹150 crore ($20.6 million) in a Series A funding round. The investment will be used to accelerate the development of Agnibaan, the company’s semi-cryogenic rocket, which is designed to be a cost-effective and reliable solution for launching small satellites into low Earth orbit (LEO). The company’s ultimate goal is to create reusable rockets to decrease costs and increase the frequency of launches.
The funding round was led by Mayfield India and included participation from existing investors pi Ventures, Speciale Invest, and Artha Venture Fund, as well as new investors Anand Mahindra, Naval Ravikant, and Balaji Srinivasan. With this latest investment, the total capital raised by Agnikul now stands at ₹195 crore ($26.9 million).
Agnikul, based out of the National Centre for Combustion Research and Development (NCCRD) in Chennai, is developing Agnibaan, a 20-meter tall, two-stage rocket. Agnibaan’s design enables it to carry up to 100 kg of payload and is designed to be assembled and launched in a week. The rocket’s key differentiator is its single-piece 3D printed engine, which simplifies the manufacturing process.
Agnikul was co-founded in 2017 by Srinath Ravichandran and Moin SPM, with the mission to democratize space access by offering customizable and cost-effective launch solutions. The company is planning to conduct its first developmental launch by the end of 2022.
The startup has achieved several milestones in recent years. In 2020, Agnikul signed a non-disclosure agreement with the Department of Space (DoS) to access Indian Space Research Organisation’s (ISRO) facilities and technical expertise to build its rocket. The company also became the first Indian space startup to test a fully 3D printed semi-cryogenic rocket engine.
The recent boom in satellites for various applications, including earth observation, communication, and research, has increased the demand for cost-effective launch solutions. Agnikul aims to meet this demand and make space access more affordable and frequent.
The startup is also exploring international collaborations to set up additional launch sites outside India. This global outlook could position Agnikul as a significant player in the rapidly evolving space industry.
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