27 February 2024 — SpaceFields, a space technology startup incubated at the Indian Institute of Science (IISc), announced on Monday that it has successfully secured $800,000 (Rs 6.5 crore) in a seed funding round. The oversubscribed funding round was led by HVB 88 Angels from the United States and the O2 Angels Network based in Delhi. Notable participation came from Vinners, Burla Angels, and individual angel investors including Keshab Panda, Raghu Das, Guru Biswal, Rajesh Ranjan, CA Sweta Sureka, and others.
Background on SpaceFields:
Founded in 2021 by Apurwa Masook, Sudarshan Samal, and Rounak Agrawal, the team behind India’s first student rocketry team VSLV, SpaceFields specializes in designing and manufacturing solid rocket propulsion systems. Incubated at IISc, the startup has achieved significant milestones, including filing six patents and unveiling India’s first aerospike rocket engine in the previous year.
Details of Funding and Investors:
The funds raised in this round will play a crucial role in the development and testing of critical hardware and subsystems, research and development in energetic materials, and expanding the startup’s talented team. The leading investors, HVB 88 Angels and O2 Angels Network recognize SpaceFields’ potential in manufacturing solid fuel systems applicable to rockets, drones, and emerging areas such as hypersonics.
Apurwa Masook, Founder and CEO of SpaceFields, emphasized the significant potential in the current global landscape marked by rising conflicts and a focus on indigenization. He highlighted the startup’s commitment to developing a platform technology for solid fuel propulsion that can be applied to various platforms, including rockets, drones, and hypersonics.
Siddharth Jain of HVB 88 Angels expressed confidence in SpaceFields’ capabilities to manufacture solid fuel systems, identifying their relevance across diverse platforms in a potentially massive market. Commander Navneet Kaushik of Jamwant Ventures acknowledged the exciting prospects in the defense and space sector for startups and commended SpaceFields for its pioneering approach in this expansive domain.
Conclusion and Impact:
The successful seed funding round not only validates SpaceFields’ innovative approach to space technology but also positions the startup for significant advancements in its research, development, and expansion initiatives. The support from prominent investors underscores the potential impact of SpaceFields’ solid rocket propulsion systems in addressing the evolving needs of the aerospace, defense, and space industries. As the startup continues its journey, the funding infusion will play a pivotal role in realizing its vision and contributing to India’s prowess in space technology.
