Space Technology Startup Skyroot raises $4.5 million in Bridge Round
- ByTejika Bajaj | January 28, 2022
Space technology startup Skyroot has recently revealed that it has raised a net amount worth $4.5 million in its bridge round leading to Series B funding. The recent round was led by Ram Shriram’s Sherpalo Ventures and witnessed participation from a clutch of equity investors like Wami Capital, existing investor Neeraj Arora (former CBO, WhatsApp) and Amit Singhal (ex-Google).
The startup has highlighted that the proceeds from the bridge round will be utilised by the same for building critical infrastructure for its new rocket Vikram’s launch which is scheduled to take place this year. With this round, the startup has raised a consolidated sum of $17 million till date.
“We are thrilled to have support from incredible investors, including one of the world’s most influential tech investors Ram Shriram, validating Skyroot’s vision and execution over the past three years,” Skyroot co-founder and CEO Pawan Kumar Chandana said in a statement.
This announcement comes just a few months after Skyroot raised $11 million as a part of its Series A round of funding from Greenko Founders. A sizable portion of the same was used for the construction of Vikram which is a cryptogenic rocket.
“India has long been a leader in rocket launch capability, especially at a significantly lower cost. Skyroot takes that technical strength to the next level, with its innovative and cost-effective space launch capability, disrupting the status quo in the global launch market,” Shriram said.
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