BENGALURU: Agnikul Cosmos Pvt Ltd, an IIT-Madras incubated space tech startup developing low-cost satellite launch vehicles, has raised ₹23.4 crore in a pre-series A funding round led by pi Ventures. Hari Kumar, founder and CEO at LionRock Capital, Artha Ventures, LetsVenture, Globevestor, CIIE and existing investor Speciale Invest also participated in the round.
A statement from Agnikul said the company plans to use the funds raised for ground testing, fabrication and to expand its team.
Operating out of the National Centre for Combustion Research at IIT Madras, Agnikul Cosmos is developing a satellite launch vehicle for payload capacity of up to 100 kg. The engine is fully 3D printed, making it an easier and less expensive fabrication process that will be able to deliver launch vehicles within a few weeks, on demand, the statement added.
“We started Agnikul with the dream of bringing space within everyone’s reach. We are doing this by building nimble, reliable and modular rockets that can put small satellites in space, on demand," Srinath Ravichandran, co-founder and CEO of Agnikul, said.
Ravichandran and Moin SPM started Agnikul in 2017.
Manish Singhal, founding partner, pi Ventures, said, “I have always believed that India has the potential and the talent to create world-beating IPs and products, not just in the digital domain but also beyond. If done right, there is no doubt in my mind that India can be a leader in innovation on a global platform. We are proud to partner with Srinath and Moin on this journey and believe that Agnikul can be a great example of world-class innovation coming from India."
pi Ventures is a deep tech-focused early stage venture fund with investments in Applied Artificial Intelligence, Internet of Things and Blockchain.