InspeCity inches closer to orbit with Rs 100 Cr funding boost
The spacetech startup is building robotic and propulsion systems to service satellites in orbit and reduce space debris. It will deploy the new funding to execute four in-orbit missions over the next 18 months.
Satellite operators encounter significant challenges when a satellite malfunctions in the harsh environment of Earth's orbit, where multi-million-dollar assets can run out of fuel or suffer catastrophic failures. A Thane-based startup, InspeCity, aims to tackle this issue by offering services to service, repair, and refuel satellites in orbit and safely remove space debris.
The company has recently secured a significant pre-Series A funding round of Rs 100 crore, led by VC firm Speciale Invest and prominent investor Ashish Kacholia, with participation from Antler Elevate, Antler India, Manish Gandhi, Shastra VC, and others.
Arindrajit Chowdhury, the Co-founder and Chief Executive Officer of InspeCity, highlights that the initial portion of the funds will align with government grants for active projects under India's Innovations for Defence Excellence (iDEX) programme. The remaining funds will be utilized to build and launch the first series of in-orbit missions and strengthen the startup's team by establishing a new work-and-research facility.
Founded in 2022 by Chowdhury, an IIT Bombay professor and IIT Kharagpur alumnus, and Tausif Shaikh, an IIT Bombay alumnus, InspeCity's mission is to address the growing demands of the commercial space industry and the challenges posed by an increasingly congested and hazardous orbital environment.
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