Indian space technology startup VestaSpace Technology has received $10 million in funding from American investment and advisory firm Next Capital LLC, which specialises in making small satellite platforms for commercial and scientific applications. The money will enable VestaSpace Technology expand the reach of its innovative solutions across India and the world.
VestaSpace was founded in 2018 by a space engineer, Arun Kumar Sureban, as an off-beat venture, to help startups and mid-size businesses access the benefits of using small satellites, satellite communication, sensors, and connected devices.
The firm is capable of building small satellite platforms for applications such as communications and earth observation missions, among others.
The company has already been working with ISRO and has aggressive strategic plans to expand globally.
Sureban, who has worked on a series of CubeSat and nanosatellite projects through the venture, is optimistic that the funding will enable the startup to scale up significantly and estimates a growth boost of up to 300 per cent due to the funding.
“This deal is going to be a great financial booster for VestaSpace Technology and will allow us to expand and scale up our operations and expand our footprint globally. VestaSpace technology is aiming to acquire greater momentum by enabling businesses to leverage the potential of small and nanosatellites in India. Being a pioneer in this domain, we are also positioned to lead others. I strongly believe that India has tremendous intellectual capital for our innovative ventures to work,” said Arun Kumar Sureban.
Next Capital LLC offers holistic service built around the investor and world-class advice at reasonable prices. Their associates range from the low balance startup investors to the sophisticated high-networth investors.
The deal comes at just the right time for VestaSpace as the company was looking to expand operations after having established itself as a pioneer in its field.