 "Spacetech startup OrbitAID raises $1.5 million in pre-seed funding round")
Chennai-based spacetech startup OrbitAID has claimed to have raised $1.5 million in a pre-seed round led by Unicorn India Ventures. The Tamil Nadu Startup and Innovation Mission (TANSIM) also participated in the round.
A pre-seed funding round is the first stage of fundraising, which a startup deploys to develop its product.
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.
Founded in 2021 by Sakthikumar R, Nikhil Balasubramanian, and Mano Balaji K, OrbitAID is an aerospace company focused on advancing sustainable space operations through innovative on-orbit refueling solutions and is working to create a network of cutting-edge fuel stations in space that are strategically positioned in various orbits.
According to the company, it recently tested its patented SIDRP on a zero-gravity flight in Florida successfully. In the last 12 months, the company has achieved Technology Readiness Level (TRL) 7 for docking and refuelling tests and secured significant partnerships and collaborations.
Commenting on the investment, Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, says, “As a deep tech focused investor, emerging technologies within space tech, drones, and IoT are of massive interest to us. We believe highly innovative businesses in space tech will lead India’s journey of global dominance beyond the confines of our planet. OrbitAID has been working tirelessly in that direction to meet the growing demand of a robust refuelling ecosystem in space for the efficient utilisation of spacecraft resources.”
OrbitAID is also looking to grow its team and enhance its product portfolio with innovations for sustainable space missions.