Agnikul Cosmos, a pioneering Indian space-tech startup based in IIT-Madras, has successfully raised a staggering $26.7 million in Series-B funding, signaling a significant leap forward in the development of cutting-edge space technologies.
In a recent development, Agnikul initiated the integration process of its state-of-the-art launch vehicle, Agnibaan SOrTeD (SubOrbital Technological Demonstrator), at its private launchpad located at Satish Dhawan Space Centre (SDSC) SHAR in Sriharikota.
The unveiling of the vehicle at Agnikul’s Mission Control Center (AMCC) marked a crucial step towards conducting the company’s first controlled vertical ascent test, a pivotal milestone in validating the necessary technological foundations for complex orbital missions.
Agnikul has previously achieved notable feats in the space industry. In 2021, the company launched ‘Agnilet’, the world’s first single-piece 3D printed engine entirely conceptualized and manufactured in India, a groundbreaking achievement that earned the company a patent from the Government of India in 2022. Moreover, the inauguration of Agnikul’s unique factory dedicated to end-to-end 3D printing of rocket engines last year represented a significant stride towards the large-scale fabrication of launch vehicle engines. Notably, Agnikul also became the first company globally to design a rocket engine that can be 3D printed as a single, seamless piece of hardware.
Commenting on the recent milestone, Srinath Ravichandran, co-founder, and CEO of Agnikul, expressed his gratitude to the investors and highlighted the company’s commitment to pushing the boundaries of technology. “We have come a long way in reaching incredible milestones with our technology, launchpad, mission control, and manufacturing facility. With this capital, we will continue to drive our technology forward, building facilities and testing systems that we need to deliver a reliable product for our customers,” he stated.
Ravichandran emphasized the vital role of private players, supported by the government and deep tech investors, in spearheading advancements in the space industry.
Arun Kumar, Managing Partner at Celesta Capital, emphasized the alignment of Agnikul’s innovative space solutions with their investment focus on India’s leading-edge deep tech sectors. He expressed excitement in supporting Agnikul’s pioneering vision, which aims to modernize and democratize the space industry. Kumar underscored the collaborative spirit among the Indian Space Research Organization, space regulators, and entrepreneurs, highlighting their collective efforts in propelling advancements within India’s thriving space-tech ecosystem.
Founded in 2017 by Srinath Ravichandran, Moin SPM, and Prof. SR Chakravarthy from IIT Madras, Agnikul made history by becoming the first Indian firm to sign an agreement with the Indian Space Research Organization (ISRO) in December 2020, solidifying its position as a leading force in the rapidly evolving space-tech landscape.
Notable venture capital investors such as Celesta Capital, Rocketship.vc, Artha Venture Fund, and Artha Select Fund, along with Mayfield India and existing investors pi Ventures and Speciale Invest, participated in the funding round, demonstrating strong confidence in Agnikul’s vision and capabilities.
