SpaceFields Raises $800,000 in Seed Round for Rocket Innovation
- ByStartupStory | February 26, 2024
SpaceFields, a spacetech startup specializing in rocket innovation, has secured $800,000 in a seed funding round from a consortium of investors, including HVB 88 Angels and O2 Angels Network from the US, as well as Mumbai-based value investors network Vinners, Burla Angels, and other independent angel investors. The infusion of capital is earmarked for several key initiatives outlined by the company.
Founder and CEO Apurwa Masook articulated the company’s strategic allocation of funds, stating, “Our focus remains to develop a platform technology for solid-state rocket-motor fuel and further scale to its wide-ranging applications, including emerging hypersonics.”
The allocated funds will primarily fuel the development and testing of critical hardware and various subsystems, alongside research and development endeavors in energetic materials. Additionally, SpaceFields aims to bolster its team, intending to double its current workforce in the upcoming months. Roles to be filled span across functions such as aerospace and mechanical design, chemical and propulsion, and avionics.
Masook emphasized the significance of the funding infusion in enhancing the company’s capabilities and readiness for ambitious test campaigns. “This funding infusion will help us enhance our capabilities and readiness to undertake much larger and faster test campaigns for our solid rocket motors,” he affirmed.
SpaceFields’ vision extends beyond immediate objectives, aiming to establish a platform technology for solid-state rocket-motor fuel with broad applications in emerging hypersonics. The company’s strategic roadmap aligns with advancing innovation in the spacetech sector while addressing critical needs in rocket propulsion technology.
With a diverse pool of investors contributing to its seed funding round, SpaceFields solidifies its position as a promising player in the spacetech landscape. The company’s commitment to technological advancement and expansion underscores its potential for impactful contributions to the aerospace industry.
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