Space tech startup OrbitAID raises $1.5 million
Chennai-based company to use the funds for in-space demonstration of docking and refuelling operations
Hyderabad: Space tech startup OrbitAID has raised $1.5 million (around Rs 12.88 crore) in a pre-seed round led by Unicorn India Ventures. The round also saw participation from TANSIM (Government of Tamil Nadu).
Chennai-based OrbitAID plans to use the funds to conduct an in-space demonstration of docking and refuelling operations, expand facilities for on-orbit servicing operations, advance SIDRP (Standard Interface Docking and Refuelling Port) to commercial readiness and scale team capabilities to align with upcoming projects, a company release said.
Founded in 2021 by Sakthikumar R, Nikhil Balasubramanian and Mano Balaji K, OrbitAID is focused on advancing sustainable space operations through innovative on-orbit refueling solutions.
It aims to increase the lifespan and functionality of satellites that will reduce space debris and enhance the long-term viability of space infrastructure with their product SIDRP. The company recently tested its patented SIDRP on a zero gravity flight in Florida successfully.
Commenting on the investment, Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, said, “As a deep tech focused investor, emerging technologies within space tech, drones and IoT are of massive interest to us. The funding will help the company in expanding facilities for on-orbit servicing operations and scale the SIDRP product to an advanced stage.”
Sakthikumar R, Founder and CEO, OrbitAID Aerospace, said, “With this funding, we will conduct our in-orbit demonstration in space for docking and refueling, bringing us closer to revolutionising satellite servicing and ensuring a sustainable future in space.”
In the next 12 months, OrbitAID will conduct in-orbit demonstrations of docking and refuelling to validate technology and operational readiness.
According to the All India Association of Industries, defence and aerospace is projected to reach $70 billion by 2030, driven by the burgeoning demand for advanced infrastructure and government thrust.
Started in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is a technology focused early-stage venture fund that invests in emerging and visionary startups. It launched its first fund with a corpus of Rs 100 crore.
