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Spacetech startup Digantara chosen for Australia-backed debris management project

Economic TimesEconomic Times · 1y ago
Spacetech startup Digantara chosen for Australia-backed debris management project
Medial

Digantara, an Indian spacetech startup focused on space situational awareness (SSA), has been selected for a joint industry space mission called Mission for Australia-India's Technology, Research and Innovation (Maitri). The mission aims to manage debris in space and has received grants of AUD $8.5 million from the Australian Space Agency. Digantara will be the primary partner in the SSA category and will work with Space Machines Company to integrate optical sensor technology onto an Australian-built Orbital Servicing Vehicle. The mission aims to enhance space traffic management and debris monitoring. Digantara plans to release 40 satellites using its Space-Mission Assurance Platform.

Bellatrix Aerospace to secure fresh funds at flat valuation

EntrackrEntrackr · 4m ago
Bellatrix Aerospace to secure fresh funds at flat valuation
Medial

Spacetech startup Bellatrix Aerospace is set to raise Rs 26 crore (approximately $3 million) in a pre-Series B round from existing investors including Inflexor Ventures, StartupXseed Ventures, Pavestone VC, Survan Partners, and others. Previously, the company raised $8 million in its Series A round led by BASF Venture Capital in June 2022. According to regulatory filings accessed from the Registrar of Companies (RoC), the board at Bellatrix approved a resolution to issue 4,873 pre-Series B compulsorily convertible preference shares (CCPS) at an issue price of Rs 53,450 each to raise the aforementioned amount. The company has already received Rs 10.8 crore and is expected to receive the remaining funds soon. As per Entrackr’s estimates, the company’s valuation stood at Rs 314 crore or $37 million, reflecting flat valuation compared to the previous round. Founded in 2015, Bellatrix Aerospace develops advanced propulsion systems for missions ranging from deploying nanosat constellations to ferrying heavy communication satellites to geostationary orbit. It created the world’s first commercial Microwave Plasma Thruster using water as fuel and secured an order from ISRO. Recently, Bellatrix Aerospace announced the expansion of operations to the US and plans to set up manufacturing facilities in Delaware. According to startup data intelligence platform TheKredible, the Bengaluru-based startup has raised approximately $12.5 million to date from StartupXseed Ventures, Pavestone VC, Inflexor Ventures, and others. For the financial year ended 2024, the spacetech startup reported Rs 2 crore in operating revenue, while incurring Rs 12.35 crore loss during the same period. Bellatrix Aerospace competes with other prominent spacetech startups such as Agnikul, Skyroot Aerospace, Pixxel, Dhruva Space, Digantara, and others. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

Naman Finance, SIDBI invest in spacetech startup Digantara

EntrackrEntrackr · 1y ago
Naman Finance, SIDBI invest in spacetech startup Digantara
Medial

Spacetech startup Digantara has raised Rs 15.54 crore or $1.88 million in an extended Series A funding led by Naman Finance And Investment Private Limited (NFAI) with the participation of SIDBI Venture Capital. The board at Digantara has passed special resolutions to issue 20 equity shares and 622 Series A1 compulsory convertible preference shares (CCPS) at an issue price of Rs 2,42,122 per share to raise Rs 15.54 crore, as per the company’s regulatory filings with the Registrar of Companies. NFAI led the round with a Rs 8.3 crore investment, while SIDBI Venture Capital poured in the remaining amount. As per startup intelligence platform TheKredible, Digantara has been valued at around Rs 590 crore or $71 million (post-money), which is roughly 2X of the valuation from the previous funding round. Post-allotment of the round, NFAI acquired a 1.41% stake in the company while SIDBI Venture Capital holds 1.23% shares. For more details, visit here. To date, Digantara has raised $14.4 million in funding across three rounds. In June 2023, it raised $10 million in a series A1 round led by Peak XV Partners (formerly Sequoia Capital India) and Kalaari Capital. Founded in December 2018, Digantara is a space situational awareness company focused on enabling safe and sustainable space operations. It is building an infrastructure powered by a multi-modal data pool to support stakeholders across the value chain with accurate datasets and precise determination of orbital insights. According to the company, inadequate tracking capabilities of objects in Earth’s orbit have left 96% of the 1 million objects that are currently in orbit untracked and these objects are large enough to cause damage to spacecraft but small enough to go undetected. Last year, the company expanded to Singapore and also commenced the development of India’s first commercial SSA optical observatory in Uttarakhand. This observatory will play a crucial role in enhancing the nation’s space and SSA capabilities, according to the company. The firm also launched two missions that served as the space weather testbed. For the fiscal year ending March 2023, the spacetech firm recorded Rs 2.37 lakh revenue from operations whereas its losses stood at Rs 3.54 crore. Other startups in the space segment are Agnikul Cosmos, Skyroot Aerospace, Bellatrix, GlaxEye, Dhruva, SatSure, Vesta Space, and InspeCity.

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