Spacetech Platform Digantara Looking At Pre-Expansion Series A Round
- ByStartupStory | January 4, 2023
Bengaluru-based spacetech startup Digantara hopes to raise fresh funding in a Series A round over the coming months, a report said.
Anirudh Sharma, chief executive of Digantara said in an interview, after the company launched its second satellite on 3 January “The $2.5 million seed funding we raised in 2021 provided us with a runway to make at least three satellites, so we are well covered for our next launch. We also plan to announce our Series A round in the coming months,” Following the launch, Sharma explained that Digantara’s initial set of launches — including its first launch of an equatorial satellite in June last year, and its second satellite that was placed in a sun-synchronous orbit (SSO) yesterday — will only be used for internal space data calibration purposes.
He added “By the fourth quarter of this year, we plan to launch a beta version of our space data service. Our commercial services will begin by 2024, for which we will need at least eight space weather-sensing satellites in orbit and one ground station – all of which we plan to build by then.”
India has seen a notable shift in funding activity around the spacetech sector in recent times. In mid-December, startup GalaxEye raised $3.5 million in seed funding in a round led by deeptech-focused Speciale Invest along with participation from Artha Ventures, Anicut Capital, among others. In order to promote innovation in various domains of space across the nation, ISRO chairperson S Somanath, in November, announced collaboration with over 100 startups, at the 25th Bengaluru Tech Summit in November. He said out of the 100, at least 10 are currently working on developing satellites and rockets.
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