Skyroot Aerospace completes Series A funding to become the most affordable on-demand ride to space on the planet

NEW YORK, July 6, 2021 /PRNewswire/ -- Skyroot Aerospace, India's leading private space launch company, is set to take the global stage with help from its recent $11 million Series A capital raise. The funding will be used to acquire new talent and complete the development of its Vikram-1 launch vehicle. The company aims to reach orbit, with 90 percent less development cost than its competitors, as early as next year. This disruptive cost efficiency gives their international customers a cheaper and unique option for on-demand and dedicated payloads.

Founded in 2018, by former Indian Space Research Organization's (ISRO) scientists Pawan Kumar Chandana and Naga Bharath Daka, Skyroot Aerospace is the first company in India to have successfully tested a liquid propulsion engine, a solid rocket stage and pressure tested their high-strength carbon composite third stage. Its core product, Vikram series — named after the pioneer of India's space program Dr. Vikram Sarabhai — has three rockets in development to launch small satellites. These will support communication services like broadband internet, GPS, IoT from space and earth imaging.

"The Vikram series of rockets are built on upgradeable architecture which can be assembled and launched in less than 72 hours and can take satellites up to 720 kg to low Earth orbit in the most cost-effective way," said Mr. Chandana, CEO of Skyroot. "It also comes with a space tug as its upper stage for the last mile of delivery and can reach multiple orbits in a single launch — giving our customers the benefit of both a rocket and space tug in one." 

The startup is supported by the ISRO, allowing them access to the government's unique testing and launch sites, which keeps infrastructure costs low and helps the team focus on core product development and accelerated launch timelines for customers.

"We identified a novel investment opportunity in the competitive launch space when we understood the advantages that regional launch services could provide their global customers with the right production model," said Steven Lau, Managing Partner of WorldQuant Ventures, one of the U.S. investors in Skyroot. "We are delighted that we discovered Skyroot early with these capabilities and look forward to continuing to support them as they scale globally."

Looking to build their presence in the U.S., Mr. Daka, COO of Skyroot stated, "We are targeting weekly launches and are actively engaging customers in the United States for bookings. We're pleased to offer our first 10 customers who sign up, a significant discount as an introductory offer."

"Skyroot is planning to raise an additional $40 million from investors, including ones in North America," said J. Brant Arseneau of 9Point8 Capital, an advisor to the company. "Their strong ties to South Asia, will help them dominate the market locally, and additional efficiency gains through a methodical 'production-line' approach including 3D printing and advanced composites, uniquely positions them globally."

About Skyroot Aerospace

Founded by former scientists of the Indian Space Research Organization (ISRO), Skyroot Aerospace is an national award-winning startup developing India's first privately built space launch vehicles. The company, which includes more than 80 rocket engineers with a cumulative experience of 500+ years in the rocket industry, is the first in India to test multiple rocket propulsion systems. Together, they are on a mission to create a future where spaceflight is as regular, affordable and reliable as airflight. More information about Skyroot Aerospace can be found at www.skyroot.in.

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SOURCE Skyroot Aerospace