Dhruva Space is going to raise $20-25 million in 2 years for their satellite infra facilities
- ByStartupStory | November 28, 2022
Dhruva Space the company which created headlines recently by sending two tiny satellites is looking to raise USD 20-25 million in the next one to two years to create infrastructure facilities in India. The funds will be raised to make this possible so that they can launch satellites weighing up to 100Kg, Abhay Egoor, co-founder and CTO of the city-based startup said. After the successful launch of Thybolt 1 and Thybolt 2-the tiny satellites into space Egoor said, “the firm is now currently working on a satellite weighing about 30 kg which will be broadly catering to communications and scientific applications, on their P30 platform.”
“We are looking to raise or invest about USD 20 to 25 million over the next 1-2 years where this amount of capital would be used to invest and build an infrastructure facility for assembly, integration, and testing of satellites up to 100 kg class. We are exploring setting up the same facility in Hyderabad. We are already in conversation with parties,” Egoor told PTI.
According to Abhay Egoor, Dhruva Space has been able to raise USD 8 million in funding so far. Dhruva Space launched two amateur radio communication nanosatellites as part of ISRO’s PSLV C54 mission. The Thybolt Mission launched the company’s nanosatellites, on 26 November. With the main focus on amateur radio (ham radio) communications, the Thybolt Mission is supported by various ham radio clubs across India.
“We have started receiving signals from the satellite. Currently, the team is busy continuing the mission and operating the satellites,” he further said. Egoor has said that Dhruva Space is already a revenue-generating company and does not require any funding for the missions which the firm is currently working on. However, he suggested that they may require funds for other verticals of the company.
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