Total amount raised
$95.1 Millions
Latest funding date
10/1/2023
Location
Skyroot Aerospace has successfully raised $95.5 million over multiple funding rounds, with its latest being a Series C round. The company is dedicated to developing cost-effective launch vehicles for space access.
Keep reading to explore the intricacies of Skyroot Aerospace's fundraising journey and the investors backing this innovative aerospace manufacturer.
What Is Skyroot Aerospace?
Skyroot Aerospace, founded in 2018, is an innovative aerospace manufacturer based in Hyderabad, India. The company was established by Naga Bharath Daka and Pawan Kumar Chandana with a vision to make spaceflight affordable and reliable.
Specializing in the development of launch vehicles, Skyroot Aerospace offers a range of products and services, including the Vikram series of launch vehicles, satellite launch services, and rocket engine development. Their technologies aim to provide cost-effective access to space.
With a team of 251-500 employees, Skyroot Aerospace is dedicated to advancing space technology and making space more accessible to all.
How Much Funding Has Skyroot Aerospace Raised?
- Seed Round
- Amount Raised: $1.5M
- Date: July 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their initial launch vehicle prototypes.
- Series A
- Amount Raised: $11M
- Date: May 2021
- Lead Investors: Anil Chalamalasetty, Mahesh Kolli
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up operations and further develop the Vikram series of launch vehicles.
- Convertible Note
- Amount Raised: $4.5M
- Date: January 2022
- Lead Investors: Sherpalo Ventures, Wami Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing research and development activities.
- Grant
- Amount Raised: ₹5M
- Date: August 2022
- Lead Investors: ANIC-ARISE
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund specific technology development projects.
- Series B
- Amount Raised: $51M
- Date: September 2022
- Lead Investors: Waverly
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the Vikram rockets and scale operations.
- Series C
- Amount Raised: ₹2.3B
- Date: October 2023
- Lead Investors: Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate upcoming launches and enhance infrastructure and technology.
Total Amount Raised: $69.5M + ₹2.8B
Current Valuation: Not publicly disclosed
Key Investors
- Temasek Holdings
- Details: Temasek Holdings is a Singaporean investment company owned by the Government of Singapore. It manages a net portfolio of over $300 billion, focusing on delivering sustainable returns over the long term.
- Investment Focus Areas: Technology, Financial Services, Life Sciences
- Notable Investments: Alibaba Group, Gojek, PayPal
- Waverly
- Details: Waverly is a venture capital firm that invests in early-stage technology companies. The firm focuses on companies that have the potential to disrupt traditional industries through innovative technologies.
- Investment Focus Areas: Technology, Software, Internet
- Notable Investments: Not publicly disclosed
- ANIC-ARISE
- Details: ANIC-ARISE is a venture capital fund that supports startups in the aerospace and defense sectors. It aims to foster innovation and growth in the aerospace industry by providing financial and strategic support.
- Investment Focus Areas: Aerospace, Defense, Technology
- Notable Investments: Not publicly disclosed
- Sherpalo Ventures
- Details: Sherpalo Ventures is a venture capital firm founded by Ram Shriram, one of the early investors in Google. The firm focuses on early-stage investments in technology companies with high growth potential.
- Investment Focus Areas: Technology, Internet, Consumer Services
- Notable Investments: Google, Zazzle, StumbleUpon
- Wami Capital
- Details: Wami Capital is a private investment firm that focuses on long-term investments in various sectors. The firm aims to create value through strategic investments and active management.
- Investment Focus Areas: Technology, Healthcare, Consumer Goods
- Notable Investments: Not publicly disclosed
What's Next for Skyroot Aerospace?
Skyroot Aerospace is poised to capitalize on the growing demand for cost-effective and reliable space launch services. With the recent $27.5 million pre-Series C funding, the company plans to accelerate its launch schedule, enhance infrastructure, and attract top-tier talent. The global market for small and medium-sized satellites, projected to grow to $77 billion by 2030, presents a significant opportunity for Skyroot to expand its launch capabilities and capture a larger market share.
Future fundraising opportunities seem promising, especially with the planned orbital launch of Vikram-I in early 2024. Success in these ventures could attract further investments, enabling Skyroot to scale operations and develop new technologies. However, the company faces challenges such as competition from other private space firms, technical and logistical hurdles, and the need to maintain cost-effectiveness while scaling up. Overcoming these obstacles will be crucial for Skyroot's sustained growth and market leadership.
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