Indian space technology startup VestaSpace Technology, which specializes in making small satellite platforms for commercial and scientific applications, has received USD 10 million in funding from American investment and advisory firm Next Capital LLC.
The massive financial support will enable VestaSpace Technology expand the reach of its innovative solutions across India and the world.
VestaSpace was founded in 2018 by Astronautical engineer Arun Kumar Sureban as an off-beat venture to help startups and mid-size businesses access the benefits of using small satellites, satellite communication, sensors, and connected devices.
The firm, which is a pioneer in this space, is capable of building small satellite platforms for applications such as technology demonstration, communications, and earth observation missions, among others. It has already been working with ISRO and has aggressive strategic plans to expand globally.
Mr. Arun Sureban, who has worked on a series of CubeSat and Nanosatellite projects through the venture is optimistic that the funding will enable the startup to scale up significantly and estimates a growth boost of up to 300 percent based on the funding, the cultivation of a strong global network and the acquisition of ground stations.
"Our association with Next Capital LLC began with my stay in the US for a project and has culminated into a promising financial deal that was cracked in April. This deal is going to be a great financial booster for VestaSpace Technology and will allow us to expand and scale up our operations and expand our footprint globally. VestaSpace technology is aiming to acquire greater momentum by enabling businesses to leverage the potential of small and nanosatellites in India. Being a pioneer in this domain, we are also positioned to lead others. I strongly believe that India has tremendous intellectual capital for our innovative ventures to work," said Mr. Arun Kumar Sureban.
Next Capital LLC offers holistic service built around the investor and world-class advice at reasonable prices. Their associates range from the low balance startup investors to the sophisticated high-net-worth investors.
The deal comes at just the right time for VestaSpace as the company was looking to expand operations after having established itself as a pioneer in its field.