Spacetech Startup EtherealX Secures First Institutional Funding for Innovative Rocket Engine
- ByStartupStory | February 7, 2024
EtherealX, a promising spacetech startup founded in 2022 by Shubhayu Sardar, Manu Nair, and Prashanth Sharma, has successfully raised its first institutional funding round. The funding comes from leading investors Campus Fund, BlueHill Capital, and Riceberg Ventures, marking a significant milestone for the company’s ambitious plans in the space industry.
The funding will be directed towards EtherealX’s groundbreaking 40 kilonewton, a privately developed semi-cryogenic rocket engine. This innovative engine is a key component in the startup’s mission to build reusable rockets capable of bringing both stages back to Earth after flight, a feat currently achieved commercially only by Elon Musk’s SpaceX in the medium-lift and heavy-lift category.
One of EtherealX’s ambitious projects is the Razor Crest Mk-1, which aims to become the world’s first fully reusable medium-lift launch vehicle. This model is designed to deliver payloads of up to 24.8 tonnes to the Lower Earth Orbit (LEO) in an expendable configuration, 22.8 tonnes in a partially reusable configuration, and 8 tonnes in a fully reusable configuration to the 400-kilometer LEO.
The funding news comes at a time when the spacetech sector is witnessing significant growth, with several startups like Agnikul Cosmos, Skyroot Aerospace, Pixxel, Bellatrix, GlaxEye, Dhruva, Vesta Space, Digantara, and InspeCity securing substantial investments in recent years. This influx of funding reflects the increasing interest and confidence in the potential of spacetech ventures to revolutionize the space industry with innovative technologies and solutions.
In related news, Campus Fund recently announced its second fund of Rs 75 crore (about $9 million), which was oversubscribed by 37%, indicating strong investor interest in supporting the growth of spacetech startups. EtherealX’s successful funding round further validates the promising future of spacetech innovation and its potential to drive significant advancements in space exploration and commercial space activities.
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