IIT-Madras Incubated Spacetech Startup Agnikul Cosmos Raises $11M In Series A Funding
Agnikul Cosmos, an IIT-Madras incubated spacetech startup, has raised $11 million in its Series A funding round.
The funding round was led by Mayfield India and also saw participation from existing investors, including pi Ventures, Speciale Invest and Artha Ventures.
Also, BEENEXT, Globevestor, LionRock Capital, and a clutch of angel investors including Anand Mahindra, Naval Ravikant, Balaji Srinivasan, Nithin Kamath, Abhishek Singhania, Aarthi Ramamurthy, and Sriram Krishnan, Anicut Angel Fund, and LetsVenture, among others, participated in the round.
As per the startup, the funding will be mainly deployed for expanding its team and scale up its technology and infrastructure.
Agnikul Cosmos revealed that post-funding, Mayfield India’s managing partner Vikram Godse will be joining the board of Agnikul Cosmos.
Started in 2017 by Srinath Ravichandran and Moin SPM, Agnikul Cosmos (Agnikul Cosmos Pvt Ltd) is an IIT-Madras incubated space tech startup that makes low-cost satellite launch vehicles.
Taking about plans of the startup, Moin SPM, Co-founder of Agnikul Cosmos, said,
“In the next two years, we want to perfect getting to orbit. This is a large effort by itself, and we are keeping our focus on just this for now.”
In March 2020, Agnikul Cosmos had raised INR 23.4 crores in pre-series A funding. Earlier this year, the startup had developed and test-fired the world’s first 3D printed rocket engine Agnilet.
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