Latest News | OrbitAID Raises USD 1.5 Million in Pre-Seed Round Led by Unicorn India Ventures
Get latest articles and stories on Latest News at LatestLY. OrbitAID, an aerospace startup focused on advancing sustainable space operations, has raised USD 1.5 million Pre-Seed round led by Unicorn India Ventures, the company said on Wednesday.
Chennai, Jan 15 (PTI) OrbitAID, an aerospace startup focused on advancing sustainable space operations, has raised USD 1.5 million Pre-Seed round led by Unicorn India Ventures, the company said on Wednesday.
The fundraiser also saw participation from the Tamil Nadu Startup and Innovation Mission (TANSIM) backed by the state government.
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OrbitAID plans to use the funds raised to conduct an in-space demonstration of docking and refuelling operations, expand facilities for on-orbit servicing operations and scale team capabilities to align with upcoming projects.
In a company statement, OrbitAID said it aims to increase the lifespan and functionality of satellites that would reduce space debris and enhance the long-term viability of space infrastructure with their product Standard Interface Docking and Refueling Port (SIDRP), which would elevate the accessibility and reliability of satellite refuelling operations to unprecedented levels.
"We are excited to have secured funding from Unicorn India Ventures and TANSIM. This milestone not only validates our vision but also reflects the dedication of our team in advancing sustainable space operations," OrbitAID Aerospace Founder and CEO Sakthikumar R said.
"With this funding, we will conduct our in-orbit demonstration in space for docking and refuelling, bringing us closer to revolutionizing satellite servicing and ensuring a sustainable future in space," he added.
OrbitAID plans to expand and establish advanced facilities to further the development of its on-orbit servicing technologies. The company is also looking at growing its team and enhancing its product portfolio with innovations for sustainable space missions.
"As a deep tech-focused investor, emerging technologies within space tech, drones and IoT (internet of things) are of massive interest to us. We believe highly innovative businesses in space tech will lead India's journey of global dominance beyond the confines of our planet. OrbitAID has been working tirelessly in that direction to meet the growing demand of a robust refuelling ecosystem in space for the efficient utilisation of spacecraft resources," Unicorn India Ventures Managing Partner Bhaskar Majumdar said.
The funding would help the company in expanding facilities for on-orbit servicing operations and scale the Standard Interface Docking and Refueling Port (SIDRP) product to an advanced stage, he added.
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