Wednesday, April 17, 2024
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SpaceFields Secures $800k Seed Funding

spacetech startup, SpaceFields has raised $800k in Seed Funding round led by HVB 88 Angels and O2 Angels Network. Other angel investors such as Vinners and Burla Angels and former L&TTS managing director and CEO Keshab Panda, Bharat Forge CEO Guru Biswal, Zuari Industries managing director Athar Shahab, Emaar India CEO Kalyan Chakrabarti among others also participated in funding round.

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The additional funding will go toward expanding, researching and developing energy-materials, and developing and testing vital hardware and numerous subsystems. In the upcoming months, startup also intends to expand its workforce by double, in order to cover positions in avionics, chemical and propulsion, mechanical and aeronautical design, and other related fields. The Spacefields intends to grow its elite asset management organization, focusing mostly on the rental housing sector, primarily in Korea, Singapore and Japan.

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“Our pilots and collaborations span a diverse cohort of customers such as Defence Research and Development Organisation, Indian Space Research Organisation, tri-services, defence public sector undertakings like Hindustan Aeronautics Limited, tactical drone companies, and several aerospace original equipment manufacturers who are in need of custom-developed solid-fuel powered systems,” Masook said.

“We backed the team at SpaceFields as we saw their drive to rise to a challenge in the manufacturing of solid fuel propulsion systems that will be applicable to various platforms such as rockets and drones alike in the years ahead, in a potential winner-takes-all market,” Siddharth Jain, cofounder at HVB 88 Angels, said.

About Spacefields

Spacefields was founded in 2021 by Apurwa Masook, Sudarshan Samal and Rounak Agrawal, Spacefields custom-design and build next generation dual-use rocket propulsion systems for commercial spaceflight & national security.SpaceFields is supported by Govt of India, Govt of Karnataka, Govt of Odisha and incubated at the Indian Institute of Science, Bengaluru.

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