Spacetech Startup InspeCity Raises $1.5 Mn In Fresh Funding
InspeCity, a spacetech startup, has raised $1.5 million (Rs 12.3 crore) in a pre-seed funding round co-led by deeptech venture capital firm Speciale Invest, Antler India and Veda VC.
Anicut Capital, DeVC India and others also participated in the funding round.
As per the firm, the freshly raised funds will be utilised to develop appropriate technologies for building the proposed city using autonomous robotic platforms, an in-house tech stack and talent acquisition.
Besides, funds will also be used to build a fleet of robotic platforms called Vehicles for Life-Extension and Deorbiting Activities (VEDA), which will come equipped with Robotically Inserted Guidance Systems (RIG) and will have a dual use as orbital workshops to service satellites nearing the end of their life cycle as well as aid in the removal of space debris.
As per InspeCity, these capabilities will allow it to undertake the manipulation and machining of larger structures or factories in space to eventually build the space city.
InspeCity | Building Cities In Space
Co-founded by Tausif Shaikh and Arindrajit Chowdhury, InspeCity is currently developing enabling technologies for building cities in space. The spacetech startup aims to build the first city in a suitable orbit between Earth and the moon.
Speaking on the development, Arindrajit Chowdhury, Co-founder & CEO of InspeCity, said,
“This [investment] will tremendously help us further develop our technology for in-orbit servicing and autonomous robotic platforms. Our vision is to create a new economy in space and build human habitats that transcend the limitations of our current planetary systems.”
The spacetech startup had earlier received Rs 1.5 crore in a grant from the Innovations for Defence Excellence (iDEX) platform of the Ministry of Defence for the development of micro propulsion systems for cubesats. InspeCity has also received a grant of Rs 10 lakh from the Technology Innovation Hub (TIH) Foundation at IIT Bombay for technological support to develop an inter-satellite link.
Commenting on the development, Vishesh Rajaram, Managing Partner at the Chennai-based Speciale Invest, said,
“The company’s innovative technology, particularly its autonomous robotic platforms and in-orbit servicing capabilities, holds promise for the future of space exploration and development. We have immense confidence in InspeCity’s ability to achieve its goals!”
As per a study by satellite and space market research and consulting firm Northern Sky Research, in-orbit servicing and manufacturing (IOSM) revenues are expected to reach $14.3 billion by 2031, with life extensions alone contributing $4.7 billion.
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