An IIT-Madras incubated spacetech startup Agnikul has raised $11 million in a Series A funding round led by venture capital firm Mayfield India. Vikram Godse will be joining the board of the company.
Existing investors pi Ventures, Speciale Invest and Artha Venture Fund also invested in this round along with BEENEXT, Globevestor and LionRock Capital. Prominent angel investors Anand Mahindra, Naval Ravikant, Balaji Srinivasan, Nithin Kamath, Abhishek Singhania, Aarthi Ramamurthy and Sriram Krishnan, Anicut Angel Fund, LetsVenture among others also participated.
Co-founder and CEO Srinath Ravichandran said “In these tough times of humanity, we are thankful to our investors continue to show their confidence in our vision of democratizing small satellite launches. We are thankful to have ISRO’s guidance and happy that the Government is enabling private space tech ventures. With this support from the Government and investors, we look forward to an exciting next step for our company and in the process, simplifying access to space”.
Brief about Agnikul
The spacetech startup was founded in 2017 by Ravichandran along with Moin SPM and Prof SR Chakravarthy. It is currently building the country’s first private small satellite launch vehicle, Agnibaan, a rocket that enables plug-and-play configuration and is capable of carrying up to 100 kg of payload to low earth orbits.
This on-demand rocket can be fully customized to the customer’s needs at an affordable cost. The startup is looking to complete its first mission sometime in 2022.
Earlier this year, Agnikul successfully test fired the world’s first 3D printed rocket engine – Agnilet.
Mayfield’s Vikram Godse said “Agnikul is democratising access to space for the small satellite market, which is largely underserved globally. For these customers, this is a game changer as they now have zero wait time and can control their own mission, all at an affordable cost. The team’s customer centric approach combined with their ability to constantly innovate will help them stay ahead of competition and build a global success story”.