Spacetech startup Manastu Space has raised $3 million in a new funding round led by venture capital firm Capital-A.
Other investors in the round include Capital 2B, Indian Angel Network (IAN), E2MC, the Bhagnani Family Office, and Jeet Chandan.
The company will use the funds to launch its eco-friendly propulsion systems and debris-avoidance solutions for commercial use.
“This funding is mainly geared towards completing and reaching Technology Readiness Level 9 (TRL-9) from TRL-8. TRL-9 is where we have long-term flight heritage for our propulsion system in the relevant environment,” founder Tushar Jadhav said.
Founded in 2017 by Tushar Jadhav and Ashtesh Kumar, Manastu Space has developed products for the space industry.
It has signed contracts with clients such as the Defence Research and Development Organisation (DRDO), France-based Latitude, and Innovations for Defence Excellence (iDEX), among others.
The startup also plans to work on crucial in-orbit servicing technologies, such as satellite refuelling, deorbiting, and extending mission life.
It aims to expand into the US, Europe, and Asia, collaborating with satellite manufacturers, constellation operators, and service integrators.
In December last year, Manastu Space tested its green propulsion system, VYOM 2U in space aboard PSLV C-60. This system offers a non-toxic alternative to conventional chemical and electric propulsion systems.
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