SpaceFields, a deeptech startup, has raised $5 million (around INR 42 crore) in its pre-Series A funding round led by Globaz Technologies.
The round also included investors like Rockstud Capital, Venture Catalysts, Nithin Kamath’s Rainmatter, Burla Angel Network, Faad Capital, SIDBI, O2 Angels, and MeitY Startup Hub.
The company said the money will be used to increase production, get key regulatory approvals, and expand its engineering, operations, and other teams.
Last year, SpaceFields secured $1.3 million in seed funding from Jamwant Ventures, HVB 88 Angels, and several other investors.
“Solid propulsion is a core enabler of defence and space missions, as also evident in our diverse cohort of customers such as the Armed Forces, DPSUs, DRDO, tactical drone companies, and several aerospace OEMs in need of bespoke custom developed solid-fuel powered systems,” said, cofounder Apurwa Masook.
Abhishek Agarwal, managing partner of Rockstud Capital, said, “SpaceFields is positioned in a differentiated white space, bringing in-house developed, IP-led innovations to a sector that has seen limited private innovation so far.”
“In just four years, the team has transformed rigorous research into patent-backed solid-propulsion platforms that can strengthen our armed forces, serve the new space economy, and catalyse an entire supply chain of precision engineering,” added Apoorva Ranjan Sharma, cofounder and managing director of Venture Catalysts.
SpaceFields was started in 2021 by Apurwa Masook, Rounak Agrawal, and Sudarshan Samal. The Bengaluru-based startup, incubated at IISc Bangalore, makes rocket propulsion systems for defence and aerospace use.
The company has built solid-fuel propulsion systems that can be used in UAVs, rockets, and spacecraft. It has also won four iDEX contracts from the defence ministry and received patents for four of its own developed technologies.
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