The new round of funding will allow the space tech start-up to expand the reach of its innovative solutions across India and the world.
Indian space technology start-up VestaSpace Technology, which makes small satellite platforms for commercial and scientific applications, raised $10 million in funding from US-based investment and advisory firm Next Capital LLC.
The Pune-based start-up will use the funds to enhance its technological infrastructure and expand the reach of its innovative solutions across India and the world. The company estimates to achieve a 300 per cent growth rate post the funding.
Arun Kumar Sureban, Founder, VestaSpace Technology, said: “This deal was started in January 2020 with the vision and results of launching the satellite coming up in September 2020. We are planning to make a satellite platform available for everyone also provide India with better broadcasting and receiving facility and make small satellite, cubesat the preferred choice.”
The company also helps start-ups and mid-sized businesses to access the benefits of small satellites, satellite communication, sensors, and connected devices.