India News | SpaceFields Raises USD 8 Lakh in Seed Funding
Get latest articles and stories on India at LatestLY. Bengaluru-based space startup SpaceFields on Monday said it has raised USD 8 lakh in seed funding for its venture to manufacture turnkey solid rocket propulsion systems.
New Delhi, Feb 26 (PTI) Bengaluru-based space startup SpaceFields on Monday said it has raised USD 8 lakh in seed funding for its venture to manufacture turnkey solid rocket propulsion systems.
Founded in 2021 at the Indian Institute of Science campus in Bengaluru, SpaceFields' seed funding round was led by US-based HVB 88 Angels and Delhi-based deeptech syndicate O2 Angels Network.
The startup plans to double its team in the coming months to fill roles in functions such as aerospace and mechanical design, chemical and propulsion, and avionics.
"The fresh capital will be used towards the development and testing of critical hardware and various subsystems, research and development in energetic materials and expanding the company's team," a statement from the firm said.
Also Read | Kerala Horror: Man Pours Kerosene on Wife, Sets Her on Fire Over Suspicion of Infidelity in Varkala.
The startup, founded by Apurwa Masook, Sudarshan Samal and Rounak Agrawal, has also received funding from Startup India Seed Fund and additional grant support from Boeing India and Karnataka and Odisha governments.
"Our pilots and collaborations span a diverse cohort of customers such as DRDO, ISRO, tri-services, DPSUs like HAL, tactical drone companies, and several aerospace OEMs who require custom-developed solid-fuel powered systems," said Masook, the founder and CEO of SpaceFields.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)