Skyroot Aerospace Raises $51 Million Led by GIC to Propel the New Future of Small Satellite Launches
Space-tech startup Skyroot Aerospace from India, successfully raised US$51 million Series-B funding round led by GIC, a leading global investment firm. This is the largest funding round ever in the Indian private Space-Tech sector, which validates Skyroot’s strengths in space technology and helps meet the burgeoning demand from the international small satellite markets.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220905005172/en/
Skyroot founders Pawan Kumar Chandana (right) & Naga Bharath Daka (left) (Photo: Business Wire)
As part of the investment, Mayank Rawat, Managing Director of GIC India Direct Investment Group, will join Skyroot’s Board.
“This round puts us in a trajectory of hyper-growth by funding all of our initial launches, and enables building infrastructure to meet high launch cadence required by our satellite customers. Our goal is to become the best-in-class launch services provider and go-to destination for affordable and reliable small satellite launches, ” said Pawan Kumar Chandana, Co-Founder and CEO, Skyroot.
“We have validated all three propulsion technologies in our Vikram space launch vehicles, and completed a full duration test of one of our rocket stages in May’22. We are also planning a demonstrator launch this year. This round will help us get to full-fledged commercial satellite launch scale within a year. We have started booking payload slots for our upcoming launches,” said Naga Bharath Daka, Co-Founder and COO, Skyroot.
Critical steps in the development of Skyroot's space launch vehicles have been accomplished. The flagship Vikram Launch Vehicle series is uniquely built with an all-carbon-fiber structure, and can launch up to 800 kg of payloads to Low Earth Orbit.
With a strong tech team of 1000+ years cumulative rocket industry experience, Skyroot is envisioning a world where space flight is as affordable, regular, and reliable as air flight. Skyroot is the first startup to sign an MoU with the ISRO for sharing facilities and expertise.
The 4-year-old Skyroot has successfully built and tested India's first privately developed cryogenic, hypergolic-liquid, and solid fuel-based rocket engines; the R&D and production activities extensively use advanced composite and 3D-printing technologies.
The global space launch services market is projected to grow from $14.21 billion in 2022 to $31.90 billion by 2029, at a CAGR of 12.25%.
About Skyroot: www.skyroot.in
About GIC: www.gic.com.sg
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220905005172/en/
Contact information
Contact for Skyroot: Sheela Panicker | +91 984 980 9594
Customer contact: payloads@skyroot.in
Contacts for GIC
Mah Lay Choon | +65 6889 6841 | mahlaychoon@gic.com.sg
Toh Chuan Ting |+65 6889 8839 | tohchuanting@gic.com.sg
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Acathia Capital Completes Acquisition of Swedish Life Insurer Futur Pension7.10.2022 12:51:00 EEST | Press release
With the receipt of approvals from the Swedish Financial Supervisory Authority, Acathia Capital has completed the increase of its stake in Futur Pension Försäkrings AB, the most successful life insurer in Sweden. Since 2019, Acathia Capital has been the joint lead investor, together with the Nordic private equity manager Polaris, in this investment, within a group of 5 institutional investors. As a result of the transaction, investment vehicles advised by Acathia have increased their joint stake in Futur Pension from 30% to almost 50%. Futur Pension is a powerful demonstration of how digitalization is fundamentally transforming the insurance business. The fintech, founded in 2000, has already fundamentally transformed the Swedish life insurance market in terms of cost and market share structure. Dr. Thomas Schmitt, managing partner of Acathia Capital, comments: “Futur Pension has increased its market share from 7% to over 11% of premium volume since we have become owners in 2019, makin
EIG’s MidOcean Energy to Acquire Tokyo Gas’ Interests in Portfolio of Four Australian Integrated LNG Projects for US$2.15 Billion7.10.2022 11:44:00 EEST | Press release
MidOcean Energy (“MidOcean”), an LNG company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced that it has entered into a definitive agreement with Tokyo Gas Co., Ltd (“Tokyo Gas”) to acquire Tokyo Gas’ interests in a portfolio of four Australian integrated LNG projects. Under the terms of the agreement, MidOcean will acquire Tokyo Gas’ interests in Gorgon LNG, Ichthys LNG, Pluto LNG and Queensland Curtis LNG for total cash consideration of US$2.15 billion. These integrated projects span Australia’s western and eastern seaboard and are major suppliers of LNG to Asia, with a diverse set of long-dated take or pay contracts with investment grade counterparties, and to Australia’s domestic gas markets. The portfolio is expected to generate approximately 1 million tonnes per annum of LNG net to MidOcean, production that is underpinned by long-life reserves and a globally competitive cost structure. The portfolio bene
Slate Asset Management Provides Fleet Financing to Move About Group AB to Support Rollout of Electric Vehicles and Charging Infrastructure Across Europe7.10.2022 10:00:00 EEST | Press release
Slate Asset Management (“Slate”), a global alternative investment platform targeting real assets, today announced that it has agreed to provide financing to Move About Group AB (“Move About”), a Swedish electric mobility service, to support the roll out of more than 150 electric vehicles and electric vehicle charging infrastructure throughout Europe. The car funding provided by Slate will be used to bolster Move About’s electric car fleet, which currently owns and operates over 800 electric cars and has more than 71,000 users on its platform. Move About is a Sweden-based electric mobility service that delivers environmentally friendly and cost-effective mobility solutions to over 300 locations across Sweden, Norway, and Germany. Move About has partnered with some of the largest companies across Europe to save tons of carbon dioxide emissions every year. Since it was founded in 2007, Move About has become the largest provider of emission-free carsharing in the Nordic region. Christian S
LabGenius Secures Government Innovation Grant to Expand ML-driven Drug Discovery Platform, EVA™7.10.2022 10:00:00 EEST | Press release
LabGenius, a pioneer in the use of machine learning (ML) for antibody engineering, today announced that it has been awarded a highly competitive SMART grant from Innovate UK. Grants from the £25 million fund allow businesses like LabGenius to realize the potential of new ideas by investing in game-changing, commercially viable research and development projects. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221007005023/en/ To date, LabGenius’ EVA platform has been used to co-optimize mono- and multi-specific single domain antibodies for biochemical and bio functional properties, including stability, potency and selective tumor cell killing. This grant will be used to further expand EVA 's capabilities by accelerating the platform’s ability to optimize antibody-based immune cell engager molecules. Many existing antibody therapeutics have poor selective cell killing profiles, which can result in on-target, off-tumor effects,
Valbiotis Accelerates Its Marketing Strategy7.10.2022 08:35:00 EEST | Press release
Regulatory News: Valbiotis (FR0013254851 – ALVAL, PEA / SME eligible), a Research and Development company committed to scientific innovation for preventing and combating metabolic and cardiovascular diseases, is accelerating its marketing strategy. Sébastien PELTIER, Chairman of the Valbiotis Board of Directors, states: "Today, we are embarking on a complementary development cycle to commercialize our innovative active substances, with the aim of providing breakthrough solutions for reducing the risk factors of cardio-metabolic diseases. Our new strategy aims to accelerate the growth of Valbiotis and to boost its capacity for innovation using two main levers: firstly, the signing of international partnerships (global or regional) with major players in the nutrition and healthcare sectors, supported by the specialist firm AEC Partners1, and secondly, the company's own marketing of its products on the French market. This dual strategy, creating value, will enable Valbiotis to rapidly tar
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom