Propulsion technologies validated in Vikram space launch vehicles, says Daka
Singapore heavyweight investor GIC led the US$51 million Series-B funding round of Hyderabad-based space-tech startup Skyroot Aerospace which is going for hyper-growth in the international small satellite markets.
“This round puts us in a trajectory of hyper-growth by funding all of our initial launches, and enables building infrastructure to meet high launch cadence required by our satellite customers,” said Pawan Kumar Chandana, Co-Founder and CEO, Skyroot.
“Our goal is to become the best-in-class launch services provider and go-to destination for affordable and reliable small satellite launches,” he said on 6 Sept 2022.
This is the largest funding round ever in the Indian private Space-Tech sector, which validates Skyroot’s strengths in space technology and helps meet the burgeoning demand from the international small satellite markets.
The global space launch services market is projected to grow from US$14.21 billion in 2022 to US$31.90 billion by 2029, at a CAGR of 12.25%.
As part of the investment, Mayank Rawat, Managing Director of GIC India Direct Investment Group, will join Skyroot’s Board.
“We have validated all three propulsion technologies in our Vikram space launch vehicles, and completed a full duration test of one of our rocket stages in May’22,” said Naga Bharath Daka, Co-Founder and COO, Skyroot.
“We are also planning a demonstrator launch this year. This round will help us get to full-fledged commercial satellite launch scale within a year. We have started booking payload slots for our upcoming launches,” elaborated Daka.
Critical steps in the development of Skyroot’s space launch vehicles have been accomplished. The flagship Vikram Launch Vehicle series is uniquely built with an all-carbon-fiber structure, and can launch up to 800 kg of payloads to Low Earth Orbit.
With a strong tech team of 1,000+ years cumulative rocket industry experience, Skyroot is envisioning a world where space flight is as affordable, regular, and reliable as air flight. Skyroot is the first start-up to sign an MoU with the ISRO for sharing facilities and expertise.
The 4-year-old Skyroot has successfully built and tested India’s first privately developed cryogenic, hypergolic-liquid, and solid fuel-based rocket engines; the R&D and production activities extensively use advanced composite and 3D-printing technologies. fiinews.com
