Skyroot Aerospace has given India’s space industry a boost by announcing $27.5m in a fresh round of funding led by Singapore investment company Temasek.
Skyroot launched the county’s first private rocket in 2022 and is set to launch its second commercial rocket next year. The Vikram-I can take payloads of up to 300kg into low earth orbit.
Pawan Kumar Chandana, co-founder of Skyroot Aerospace, commented, “As we prepare for the launch of our second mission early next year, this new funding will enable us to accelerate our upcoming launches planned over the next two years.”
Skyroot has so far raised $95 million in funding and the company is aiming for at least two launches a year from 2024 onwards, according to Reuters.
Earlier this month, Skyroot signed a memorandum of understanding with French space firms Prométhée Earth Intelligence, ConnectSAT and global firm Expleo to launch satellites and software support for their Vikram launches.
Skyroot Aerospace was founded by former scientists of the Indian Space Research Organization and is the first company in India to test multiple rocket propulsion systems. It is backed by a workforce of more than 80 rocket engineers with a cumulative experience of 500+ years in the rocket industry.
Image: Skyroot Aerospace/Cision
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