Agnikul Cosmos, a pioneering aerospace manufacturing startup based in Chennai, India, has recently made headlines with its groundbreaking achievement in the space industry. In a momentous Series B funding round, the company successfully secured a remarkable $26.7 million. This feat not only marks a significant milestone for Agnikul but also signals the burgeoning investor interest in India’s rapidly evolving space sector.
Among the notable investors backing Agnikul Cosmos is the esteemed Forbes Midas Lister Navin Chaddha’s Mayfield Fund, alongside a host of other prominent investors including Celesta Capital, Rocketship.vc, Artha Select Fund, and Artha Venture Fund, in addition to existing investors Mayfield India, Pi Ventures, and Speciale Invest.
Indian Space Startup Agnikul Cosmos Secures $26.7 Million Series B to Pioneer 3D-Printed Rocket Engines for Satellite Launches
With this recent infusion of funds, Agnikul’s total funding now stands at an impressive $40 million, emphasizing the company’s growing prominence in the global aerospace arena.
Agnikul, established in 2017, has been at the forefront of designing and manufacturing cutting-edge rockets tailored for satellites weighing under 100 kilograms. At the core of their innovation lies the Agnibaan SubOrbital Technological Demonstrator (SOrTeD), a versatile launch vehicle boasting five different configurations tailored to accommodate various client requirements.
What truly sets Agnikul apart is its integration of advanced 3D-printed components, including the ground-breaking Agnilet. Claiming the title of the world’s first 3D-printed rocket engine created in a single piece, Agnilet epitomizes Agnikul’s commitment to pushing the boundaries of space technology.
According to the company, the freshly acquired capital will be channeled into facilitating Agnikul’s first commercial launches, augmenting key launch infrastructure, and bolstering their team with skilled professionals in production, operations, and technology.
With a private launchpad stationed in the prestigious Satish Dhawan Space Centre, Agnikul has confidently announced that its inaugural launch is scheduled for the culmination of 2023, promising a thrilling new chapter in India’s space exploration narrative.
Speaking about the recent strides in India’s space sector, Srinath Ravichandran, the co-founder, and CEO of Agnikul, lauded the resounding success of India’s recent lunar mission, which has undeniably elevated the nation’s standing in the global space technology landscape.
He highlighted the profound impact of the Indian Space Research Organization’s Chandrayaan-3 spacecraft, which landed on the moon’s southern polar region, a remarkable achievement that solidified India’s position as the fourth country to achieve this feat.
Ravichandran expressed his optimism about India’s burgeoning space industry, citing the recent unveiling of the country’s first national space policy as a crucial step in fostering private sector participation.
With a burgeoning ecosystem of public and private enterprises, increased international collaborations, and a steadfast commitment to innovation, Ravichandran foresees India’s space sector playing a pivotal role in global space exploration, satellite services, and environmental sustainability.
This achievement by Agnikul Cosmos is reflective of a larger trend within the Indian space technology landscape. The sector has witnessed a meteoric rise in the number of startups focusing on space technology, with 190 registered spacetech startups in India, as reported by Deloitte, the Indian Space Association, and NASSCOM in their recent joint report.
Notable among these startups are Pixxel, a dynamic earth-imaging startup that secured $36 million in a Series B funding round, and Skyroot Aerospace, which received a significant $51 million in a Series B funding round led by Singaporean sovereign wealth fund GIC. Additionally, Bellatrix, recognized as an honoree of the prestigious Forbes Asia 100 to Watch list, is currently in talks to receive funding from BASF Venture Capital, as reported by local media sources.
As India’s spacetech landscape continues to flourish, Agnikul Cosmos stands as a shining beacon of innovation and progress, poised to contribute significantly to the global advancement of space technology and exploration.
With its ambitious vision and cutting-edge technologies, Agnikul Cosmos is primed to redefine the boundaries of the space industry and elevate India’s stature as a leading player in the global space race.
