Space tech startup InspeCity raises $1.5 million in a pre-seed funding
- ByStartupStory | April 25, 2023
InspeCity, a space tech startup, has secured $1.5 million in a pre-seed funding round led by Speciale Invest, a deep-tech venture capitalist, alongside Antler India and Veda VC. The funding round also saw participation from Anicut Capital, DeVC India, and others.
InspeCity, founded in mid-2022, is on a mission to build the first city in a suitable orbit between Earth and the moon to address the problem of resource scarcity on Earth. The company aims to build enabling technologies for constructing such cities, with autonomous robotic platforms being a key technology that allows for servicing satellites in all orbits.
The recent pre-seed funding will primarily be used to demonstrate the effectiveness of InspeCity’s technology for in-orbit servicing by docking a defunct satellite with a deorbited satellite using its Vehicle for Life-Extension and Deorbiting Activities (VEDA) on an air-bearing platform. The demonstration will also help the company prove the capabilities of its proprietary robotic mechanism named RAMA (Remotely Actuated Motorized Arm) for docking with defunct satellites. Additionally, the funding will be used to expand the company’s technology and team.
“We are grateful for the support of our investors as we pursue our mission to build the first city in space. This will tremendously help us further develop our technology for in-orbit servicing and autonomous robotic platforms. Our vision is to create a new economy in space and build human habitats that transcend the limitations of our current planetary systems. We are excited to have our investors join us in this journey towards the future of space exploration and development,” said Arindrajit Chowdhury, CEO of InspeCity.
The CEO of Speciale Invest, Vishesh Rajaram, expressed excitement at supporting InspeCity’s mission and innovative technology, particularly the company’s autonomous robotic platforms and in-orbit servicing capabilities. Rajaram said, “We have immense confidence in InspeCity’s ability to achieve its goals and are proud to be part of its journey. We look forward to collaborating with the team and backing them to their success.”
InspeCity’s technology and long-term vision are expected to play an essential role in meeting the increasing demand for non-geostationary satellite constellations, making it a crucial player in the growing space industry. According to Northern Sky Search, IoSM revenue is projected to reach $14.3 billion by 2031, with life extension contributing $4.7 billion.
With its focus on developing innovative solutions for in-space servicing and building large-scale human habitats beyond the constraints of current planetary systems, InspeCity is poised to make a lasting impact in the space industry.
In addition to this pre-seed funding, InspeCity has also secured a grant of INR 15 million from the iDEX platform for the development of micropropulsion systems for cubesats and INR 1 million from TIH Foundation at IIT Bombay for technological support to develop an inter-satellite link.
InspeCity’s ambitious vision and innovative technology demonstrate the potential for space exploration and development to transcend the limits of our current planetary systems.
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