The funding round saw participation from institutional investors like StartupXseed, Pavestone Capital, Mankind Pharma family office, Survam Partners and Karsemven Fund
The funds will be used for expanding Bellatrix’s product portfolio, developing its existing products, hiring talent and developing its infrastructure
Bellatrix will also use the funds to convert into a space transportation tech company by adding orbital transfer vehicles to its offerings
Spacetech startup Bellatrix Aerospace has raised $8 Mn in its Series A funding round led by BASF Venture Capital GmbH and Inflexor Ventures.
The round also saw participation from institutional investors including StartupXseed, Pavestone Capital, Mankind Pharma family office, Survam Partners and Karsemven Fund. Several angel investors and family offices also participated in the funding round, the startup said in a statement.
The funds will be used for expanding Bellatrix’s product portfolio, developing its existing products, hiring talent and developing its infrastructure.
Bellatrix will employ the fresh capital to test its four space propulsion technologies and plans to venture into the market by the end of this year, the statement said. It will further use the funds to convert into a space transportation tech company by adding orbital transfer vehicles to its offerings.
Founded in 2015 by Rohan Ganapathy and Yashas Karanam, the Bengaluru-based startup is a full-suite solution provider of in-space propulsion systems, offering both chemical and electric propulsion technologies.
In 2019, Bellatrix secured $3 Mn in its pre-Series A funding round from IDFC-Parampara, StartupXseed, Karsemven Fund and Survam Partners.
The startup competes with the likes of SatSure, Skyroot Aerospace, Agnikul Cosmos, and Dhruva Space.
Spacetech Startups In India
The government has been focusing on boosting spacetech startups in the country. It is also looking at allowing FDI in the spacetech sector.
Currently, more than 55 spacetech startups are registered with the Department of Space and ISRO. Of this, 29 startups are satellite-based while 10 startups work on space apps and products.
As per a report, India’s spacetech industry is anticipated to touch $77 Bn by 2030. It presently accounts for 2% of the world’s market share.
The sector has been buzzing with activities of late. Recently, spacetech startup SatSure acquired US-based geospatial startup Old City Innovations to expand its footprint to the US market.