Manastu Space Raises $3 million in Pre-Series A Funding The Mumbai-based start-up is developing an environmentally friendly, first-in-world micro satellite thruster and fuel combination. Last month, Manastu Space raised USD three million in a Pre-series A round from Capital 2B, BIG Capital, and E2MC. Baring India, Wealthy, and Roots Ventures
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Manastu Space, a space tech start-up, announced it has raised USD 3 million in a Pre-Series A round led by IAN, a seed and early-stage investment platform. With the funds raised, the start-up will focus on developing its green propulsion system for satellites, ranging from 100 to 500 kg.
The Mumbai-based start-up is developing an environmentally friendly, first-in-world micro satellite thruster and fuel combination.
"We are actively developing a versatile Green Propulsion System designed for satellites, enhancing their manoeuvrability in space and safeguarding them from potential collisions with space debris. This solution is indispensable in meeting the current and escalating demands for space sustainability," shares Ashtesh Kumar, Co-founder and CTO, Manastu Space.
Manastu Space is now equipped to implement its eco-friendly propulsion system and autonomous collision avoidance system. It will also further develop its R&D program and hopes its green propulsion systems for satellites take flight in the coming year. "It is also designing a fuel station in space to provide in-orbit refuelling service for satellites which otherwise have to be abandoned after the on-board fuel is exhausted," read the statement.
"Manastu Space brings a complementary product to the commercial space ecosystem of the country. As they build and grow, I am sure Manastu will find its place in the global space tech industry. With this investment, IAN has taken another step to support an innovative product led by passionate founders, in the best of the next sectors, emerging out of India," shares Padmaja Ruparel, Co-Founder, India Angel Network. IAN investors such as Tata Industries executive director KRS Jamwal, Jaideep Mehta, Sanjiv Bajaj, and Nitin Zamre also participated in the funding round.
The start-up has bagged key contracts including one with the Indian Defense and has partnered with Latitude, a French startup and has formalized an agreement with iDEX, the Defense Innovation Organization.
Last month, Manastu Space raised USD 3 million in a Pre-series A round from Capital 2B, BIG Capital, and E2MC. Baring India, Wealthy, and Roots Ventures.