SpaceFields, a VSSUT Alumni-led SpaceTech Startup, Secures INR 6.5 Crore Seed Funding in Odisha
- ByStartupStory | March 6, 2024
SpaceFields, a startup founded by alumni of VSSUT-Burla, has successfully raised INR 6.5 crore in seed funding. The funding round was spearheaded by HVB 88 Angels, a US-based fund, and O2 Angels Network, a Delhi-based deep tech syndicate.
Established in 2021 by Apurwa Masook, Sudarshan Samal, and Rounak Agrawal, SpaceFields specializes in custom designing and manufacturing turnkey solid rocket propulsion systems for aerospace, defense, and space applications.
Incubated at FSID Indian Institute of Science, Bangalore, and receiving support from the Aerospace Engineering department, SpaceFields made headlines last year by unveiling and testing India’s first Aerospike rocket engine. The startup has also secured six patents for various in-house developed technologies.
Notably, SpaceFields has garnered financial backing from Startup India Seed Fund and received additional grant support from industry giants such as Boeing India, along with the governments of Odisha and Karnataka.
The newly acquired capital will be channeled towards advancing the development and testing of critical hardware and various subsystems. Additionally, the funds will support research and development in energetic materials, and the expansion of the company’s team.
Apurwa Masook, founder and CEO of SpaceFields, emphasized the significance of their work in the current global landscape, stating, “Amidst the rise of global conflicts, geopolitical tensions, increasing military-industrial backlog, and thrust on indigenization, there is a huge room for agile contenders to emerge and solve critical problems. Our pilots and collaborations span a diverse cohort of customers such as DRDO, ISRO, Tri-services, DPSUs like HAL, Tactical drone companies, and several Aerospace OEMs who require custom-developed solid-fuel powered systems.”
Siddharth Jain, co-founder at HVB 88 Angels, expressed confidence in SpaceFields’ capabilities, stating, “We backed the team at SpaceFields as we saw their drive to rise to a challenge in the manufacturing of solid fuel propulsion systems that will be applicable to various platforms such as rockets and drones alike in the years ahead.”
This latest funding injection positions SpaceFields for further innovation and contributions to India’s space and defense capabilities, marking a significant stride for the startup and the broader spacetech sector in the country.
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