[Funding alert] Bengaluru-based spacetech startup raises Rs 5 Cr from Mumbai Angels Network, other external angel investors
Bengaluru-based space tech startup Dhruva Space has raised Rs 5 crore in a recent round of angel funding carried out by Mumbai Angels (MA) Network and other external angel investors. The investment was led by Ravikanth Reddy, Managing Director, Hotcrete.
Commenting on the funding, Ravikanth said,
“I'm backing Dhruva because of their cutting-edge satellite and communications technology and a strong founding team. Space is a sector that will be an integral part of many critical applications in the future. I will advise them from time to time and provide relevant contacts to help them grow.”
Dhruva Space was founded in 2014 by Sanjay Nekkanti (Founder and CEO), Abhay Egoor (Founder and CTO), and Krishna Teja Penamakuru (Founder and COO). The spacetech startup provides end-to-end solutions, from building small satellites and making ground sensors, to launching them and monitoring them via earth stations.
Speaking about the fundraise, Sanjay said,
“It was a pleasure working with MA towards our first fundraising. The support extended by the entire MA team has been phenomenal. They were diligent and thoroughly professional throughout the process. We look forward to working with them and benefitting from their experience.”
At present, the company is working with ISRO and the European Space Agency (ESA). The company has been awarded a grant of 50,000 euros by ESA. The Dhruva space team will be able to access this grant after setting up an entity in Austria and completing the necessary formalities under the agreement.
Nandini Mansinghka, Co-promoter and CEO of Mumbai Angels Network, said,
“We are excited about raising funds for Dhruva Space, the first space tech start-up in our portfolio. We see a strong wave in space startups, both in the number of companies approaching us for investments and investors keen to invest in this space. We are extremely bullish about participating in this industry that defines the near future.”
(Edited by Athirupa Geetha Manichandar)