Vesta Space Technology, which specialises in making small satellite platforms for commercial and scientific applications, recently said it has secured $10 million in funding from US-based investment and advisory firm Next Capital LLC.
Pune-based VestaSpace Technology plans to use these funds in expansion of its growth, both in India and global markets.
“Our association with Next Capital LLC began with my stay in the US for a project and has culminated into a promising financial deal that was cracked in April. This deal is going to be a great financial booster for Vesta Space Technology and will allow us to scale up our operations and expand our footprint globally,” founder Arun Kumar Sureban said.
“VestaSpace technology is aiming to acquire greater momentum by enabling businesses to leverage the potential of small and nanosatellites in India. I strongly believe that India has tremendous intellectual capital for our innovative ventures to work,” he added.
Founded in 2018 by Astronautical engineer Arun Kumar Sureban as an off-beat venture to help startups and mid-size businesses access the benefits of using small satellites, satellite communication, sensors, and connected devices. The firm is capable of building small satellite platforms for applications such as communications and earth observation missions, among others.
Sureban is optimistic about the company’s future, and predicts that the investment will help VestaSpace to scale up its operations by 300%. This growth will be achieved by acquiring new ground stations for geo based satellites and development of Geo satellites for broadcasting.
This is the company’s first investment since its inception, as it had been operating with a $3 million seed funding that Sureban’s drone software accrued.
The company builds CubeSat and nanosatellite projects, which are like normal satellites but smaller, and operate exclusively in low orbit of Earth, providing help in remote sensing or communications. The company’s first CubeSat satellite was developed recently, in March 2020, which took two satellites into Earth’s orbit.
The company says,”CubeSat and nanosatellites has spurred the growth of the utilization of small satellites for industrial application,” adding that, “At VestaSpace, we build application-agnostic Small Satellite platforms.” VestaSpace says that its goal is to “offer Small Satellite/s coupled with Earth Station/s and Launch Service as an integrated solution or individually, as a technology solution for our prospective customers.”
Vesta Space Tech is aiming to acquire greater momentum by enabling businesses to use the potential of small and nano-satellites in India.
VestaSpace recently added mission analysis and design as its newest offering.
VestaSpace is already working with ISRO, which had recently announced incubators for Space technology startups based in India.
The deal comes at just the right time for VestaSpace as the company was looking to expand operations after having established itself as a pioneer in its field.