- By Vaamanaa Sethi
- Mon, 30 Oct 2023 04:37 PM (IST)
- Source:JND
Skyroot Aerospace, on Monday, announced the successful raising of $27.5 million in a pre-Series C funding round. This round was spearheaded by Temasek, a worldwide investment corporation under the ownership of the Singaporean government.
The startup's strategic deployment of the recently secured funds will be directed towards bolstering its infrastructure and technology, attracting top talent, and elevating its launch frequency and capabilities.
With this recent investment, the company's total funding reaches $95 million. The startup, headquartered in Hyderabad and established in 2018 by space scientists Pawan Kumar Chandana and Naga Bharath Daka, specializes in the design and construction of small and medium-sized space launch vehicles. In November 2022, the company achieved a significant milestone by successfully launching a privately developed rocket, marking India's and South Asia's inaugural achievement of this kind.
The company provides its services to the worldwide small and medium-sized satellite market, with a special focus on satellite operators seeking to launch individual satellites or satellite constellations in various orbital positions.
“As we prepare for the launch of our second mission early next year, this new funding will enable us to accelerate our upcoming launches planned over the next two years,” said Chandana, cofounder and CEO of Skyroot.
Skyroot Aerospace revealed Vikram-1 on October 24, a compact launch vehicle engineered for the purpose of deploying small satellites into orbit. It possesses the capability to transport payloads of approximately 300 kilograms into orbit.
