EtherealX Raises $5 Million in Funding for Space Technology
Space technology startup EtherealX, focused on creating reusable launch vehicles for satellites, recently secured $5 million in a funding round led by YourNest, an early-stage venture capital firm. Additional contributors to this funding round included BIG Global Investments, BlueHill Capital, Campus Fund, and Golden Sparrow Ventures. The primary goal of this funding is to develop engines that will power their fully-reusable medium-lift launch vehicle. According to chief executive Manu J Nair, the funds will be allocated towards the completion of their test facility, final engine tests, the qualification of the 40kN engine for the upper stage, and manufacturing the 925kN semi-cryogenic engine. The company, based in Bengaluru, was established in 2022 by Nair, Shubhayu Sardar, and Prashant Sharma.
Growth in India’s Spacetech Sector
India’s spacetech industry witnessed a significant increase in funding, with a total of $126 million raised in 2023. This reflects a 7% growth from the $118 million raised in 2022 and a substantial threefold increase from the $37.6 million raised in 2021. Notably, the sector has already attracted $10.8 million in investments this year. Data from the Tracxn platform highlights the growing interest and investment in India’s spacetech sector, signaling a positive outlook for the industry.
Investor Perspectives on EtherealX
Investors involved in the funding round for EtherealX expressed optimism about the company’s potential impact on the space transportation industry. Ranjeet Shetye, venture partner at YourNest, emphasized the alignment of EtherealX with their values of supporting innovative founders who challenge existing norms. Preetinder S Panjrath, chief financial officer at BIG Capital, shared a similar sentiment, believing that EtherealX has the capability to revolutionize space transportation with its swift launch vehicles. These vehicles are expected to facilitate rapid turnaround times for subsequent missions, fostering advancements in various sectors such as agriculture, space mining, and beyond.
Previous Funding News
Earlier this year, on February 5, EtherealX received its first institutional funding, signaling a positive trajectory for the company. Investors such as Campus Fund, BlueHill Capital, and Riceberg Ventures participated in this funding round. This early support from investors underscores the confidence in EtherealX’s vision and potential to make significant strides in the spacetech industry.
Hot Take: EtherealX’s Funding Boost for Space Exploration
As a crypto reader intrigued by emerging technologies and advancements in space exploration, EtherealX’s recent funding success marks a pivotal moment in the spacetech sector. With a focus on developing reusable launch vehicles for satellites, EtherealX’s innovative approach has attracted substantial investments, signaling confidence in the company’s vision and capabilities. The influx of funds will not only propel EtherealX’s engine development but also pave the way for groundbreaking advancements in space transportation. Stay tuned as EtherealX continues to push boundaries and redefine the future of space exploration.
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