The Economic Times | August 6, 2024
Space technology startup EtherealX, which is developing reusable launch vehicles for satellites, raised $5 million in a funding round led by YourNest, an early-stage venture capital firm.
The round also saw participation from BIG Global Investments, BlueHill Capital, Campus Fund, and Golden Sparrow Ventures, among others.
The funds will be used for developing engines to power its fully-reusable medium-lift launch vehicle.
“The funds from this round will be utilised towards the completion of our test facility, final tests and qualification of the 40kN engine for the upper stage, and for the manufacturing of the 925kN semi-cryogenic engine,” said chief executive Manu J Nair, in a statement.
The Bengaluru-based startup was founded in 2022 by Nair, Shubhayu Sardar, Prashant Sharma.
India’s spacetech sector secured $126 million in funding in 2023, up 7% from $118 million in 2022, and a more than threefold jump from $37.6 million in 2021. So far this calendar year, the sector has attracted $10.8 million worth of investments, according to data intelligence platform Tracxn.
Ranjeet Shetye, venture partner at YourNest said, “In our continued commitment to India’s deeptech startup ecosystem, we are unanimous that EtherealX represents the focussed convergence of all the values that we seek in daring founders who challenge the status quo.”
“Having backed several successful space ventures globally, we envision EtherealX will transform the space transportation industry with its launch vehicles that can turn around in hours for their next mission enabling advancement in verticals from agriculture to space mining and outer space,” said Preetinder S Panjrath, chief financial officer at BIG Capital.
ET reported on February 5 that EtherealX raised its first institutional funding from investors such as Campus Fund, BlueHill Capital and Riceberg Ventures.
Link: Spacetech startup EtherealX raises $5 million in funding round led by YourNest