Deep tech venture SpaceFields, situated in Bengalur, secured $5 million in funding, predominantly headed by Globaz Technologies, with additional contributions from other investors.
Bengaluru-Based SpaceFields Secures $5 Million in Pre-Series A Funding
SpaceFields, a deeptech startup that designs and manufactures rocket propulsion systems for defense, aerospace, and space applications, has raised $5 million in a pre-Series A funding round. The funding round was co-led by Globaz Technologies, Rockstud Capital, and Venture Catalysts, with additional participation from several other investors, including Nithin Kamath's Rainmatter, Burla Angel Network, Faad Capital, SIDBI, O2 Angels, and MeitY Startup Hub, among others.
Founded in 2021 by Apurwa Masook, Rounak Agrawal, and Sudarshan Samal, SpaceFields has already made significant strides in the Indian space sector. The startup has applied for ten patents, of which five have been granted for its proprietary propulsion technologies. Moreover, SpaceFields has secured four defense contracts through the Ministry of Defence's iDEX initiative.
The funds raised will be used for various purposes, including scaling up manufacturing, securing regulatory certifications, and expanding the team. Co-founder and CEO Masook stated that solid propulsion is a core enabler for defense and space missions.
In a unique collaboration, SpaceFields and lead investor Globaz Technologies will work together to develop sovereign, dual-use technologies for India's defense and aerospace value chain. Globaz specializes in the design, manufacturing, and testing of aerospace and defense electronics.
The Indian space sector is expected to reach $40 billion by 2040, according to industry reports. With this funding round, SpaceFields has now raised a total of $6.3 million. The startup's innovative propulsion technologies and strategic partnerships position it well to contribute significantly to India's growing space sector.
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