INDIA – Recently, Srinath Ravichandran, the CEO of Agnikul, a company specializing in aerospace manufacturing, has successfully confirmed raising nearly 27 million USD in investment and is officially preparing for the event to launch the first 3D-printed rocket in this country later this year.
According to Forbes magazine, the startup company Agnikul Cosmos secured $26.7 million in funding from Mayfield Fund, with CEO Mr. Navin Chaddha being one of the leading venture capitalists on the Forbes Midas List. This investment was made after the Series B funding round. (Series B means that a startup has effectively progressed through its initial three stages, showcasing its potential for success and drawing significant investments to scale up production, foster workforce development, penetrate markets, and enhance the value of its products or services).
Photo. Mr. Navin Chaddha, Managing Director of Mayfield Fund, an Indian entrepreneur in the United States
On the other hand, Agnikul has also attracted numerous new investors, including Celesta Capital, Rocketship.vc, Artha Select Fund, Artha Venture Fund, Mayfield India, Pi Ventures, and Speciale Invest. Thanks to this recent funding, it has enabled this startup to increase its total investment to $40 million.
Mr. Arun Kumar, representative of Celesta Capital, commented: “Agnikul’s pursuit of innovative space solutions aligns with our investment focus on India’s leading-edge deep tech sector”. He also expressed, “We are excited to support their pioneering vision and innovative approach to modernizing and democratizing the space industry”.
With a vision to expand the aerospace technology sector and the goal of placing satellites and payloads into orbit in a highly efficient and cost-effective manner, thereby contributing to the global presence of the Indian community, this served as the driving force behind Srinath Ravichandran and Moin SPM’s determination to establish Agnikul Cosmos in 2017 in Chennai, India.
Photo. The two co-founders of Agnikul Cosmos company
They truly made a remarkable breakthrough when they successfully tested the world’s first single-piece 3D-printed engine and were granted a patent for it, known as Agnilet. This engine is capable of carrying payloads of up to 100 kg into low Earth orbit, at an altitude of approximately 700 km. The test was conducted at the Vertical Test Facility of the Thumba Equatorial Rocket Launching Station (TERLS) of the Vikram Sarabhai Space Center (VSSC) in Thiruvananthapuram, starting in October 2022.
Photo. The inaugural 3D-printed Agnilet rocket engine test in 2022
Despite being in operation for only 6 years, Agnikul has garnered attention and support from various government levels. Notably, “the Indian Space Research Organization (ISRO), the IN-SPACe agency, the Indian Institute of Technology Madras, the Center for Applied IITM Madras, and the IIT Madras Research Park, in collaboration with the Kerala Startup Mission, have placed their trust and consistently provided conditions for the company’s growth”, expressed Mr. Srinath Ravichandran, CEO of Agnikul.
Photo. Srinath Ravichandran, CEO of Agnikul, shares
According to him, the new investment will be utilized for Agnikul’s launch development, primary launch infrastructure construction, and expanding the workforce in production, operations, and technology, as previously mentioned during the previous fundraising round. With a dedicated launch facility located at the Satish Dhawan Space Centre, Agnikul is poised for its inaugural launch at the end of 2023.
Photo. Inside the working area.
Photo. Experts are conducting technical checks.
“India’s space industry is on an exciting growth trajectory. We recently achieved a successful moon landing, propelling India to the fourth position globally, following the United States, Russia, and China. And what could be better than this?” Ravichandran chia sẻ “With a burgeoning ecosystem of public and private enterprises, increased international collaboration, and a steadfast commitment to innovation, I see India’s space sector contributing significantly to global space exploration, satellite services, and environmental sustainability”.
Photo. Mr. Ravichandran is explaining the functions of the 3D-printed rocket engine to Prime Minister Narendra Modi.
According to a recent report from Deloitte, the Indian Space Association, and the NASSCOM trade association in October, India currently has 190 space technology startup companies registered and has seen a significant surge in recent years. In addition to these startups, several companies have received pre-series B funding, including Pixxel, specializing in Earth imagery, which raised $36 million in June, and Skyroot Aerospace, which secured $51 million in funding in September last year, led by the Singapore GIC Sovereign Wealth Fund. This illustrates a strong investor confidence in the growing space exploration industry in India.
By: TVVN Press
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