Bengaluru-based deeptech startup SpaceFields has raised $5 Mn (about INR 42 Cr) in its pre-series A round led by Globaz Technologies. The round also saw participation from Rockstud Capital, Venture Catalysts. Nithin Kamath’s Rainmatter, Burla Angel Network, Faad Capital, SIDBI, O2 Angels, MeitY Startup Hub, among others.
Founded in 2021 by Apurwa Masook, Rounak Agrawal, and Sudarshan Samal, SpaceFields develops rocket propulsion systems for defence and aerospace applications. The Indian Institute of Science (IISc) Bangalore-incubated startup has developed solid-fueled powered rocket propulsion systems for UAVs, rockets and spacecraft.
The startup claims to have won four contracts via the defence ministry’s iDEX initiative. Besides, it has been granted patents on four indigenously developed novel technologies.
SpaceField plans to deploy the fresh funds to scale up its manufacturing, secure key regulatory certifications and expand its teams across engineering, operations, and business functions.
Globaz, which led the latest funding round, is a Delhi NCR-based company which specialises in design, manufacturing, assembly and testing of electronics for aerospace and defence applications.
In a statement, SpaceField said that it and Globaz will look to develop critical, sovereign, dual-use technologies for the defence and aerospace value chain.
“… With Globaz’s expertise in system integration and scale-up manufacturing, together, we are poised to become a cornerstone in India’s journey towards technological sovereignty, enabling a future of strategic self-reliance… ” said Karan Wilkhoo, director & promoter of Globaz.
Prior to this round, SpaceFields raised $1.3 Mn in its seed round from Jamwant Ventures, HVB 88 Angels and others last year.
The development comes at a time when there is a huge push from the Centre to develop the deeptech sector in the country.
In July, the Union Cabinet approved INR 1 Lakh Cr fund to spur research and development (R&D) in the sunrise sectors. This fund will also include the deeptech fund of funds (FoF) announced by Sitharaman in her Budget 2025-26 speech in February this year.
Investors, too, are betting big on deeptech startups developing breakthrough technologies despite the long gestation period. In August, Speciale Invest closed its third fund at INR 600 Cr to back homegrown deeptech startups. Prior to that, Yali Capital closed its maiden deeptech fund at INR INR 893 Cr in July.
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