Astrophel Aerospace has raised INR 6.84 crore (USD 800,000) in a pre-seed round of funding from early-stage venture capital firms and individual investors. The money raised will be used to speed up development of their reusable semi-cryogenic launch vehicle and set up in-house capability in precision navigation and aerospace-grade system manufacturing.
The startup will introduce an operational prototype for flight testing within two to three years, becoming part of India's growing space scene. The expansion follows in the footsteps of ambitious national initiatives like Gaganyaan and Axiom-4 missions and the pending Space Activities Bill, all of which are set to increase private sector participation in space exploration.
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Astrophel is one of the only handful of Indian organizations to have developed, designed, and test-fired a semi-cryogenic engine. What is more unbelievable is that the group achieved this engineering task on a paltry budget of INR 6 lakh (USD 7,000) without seeking any outside funding.
With a modular design philosophy borrowed from the automotive industry, Astrophel's drive philosophy revolves around its Potentia C1U engine. It has also made a formal partnership with ISRO to collaborate in exploring research and testing together.
India's space economy, estimated by IN-SPACe, is expected to expand from USD 8.4 billion in 2022 to USD 44 billion by the year 2033, with more than 8,500 small satellites being launched during this time.
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Co-founder Suyash Bafna stated, "We want to build reusable systems and accuracy parts to reduce costs of access to space." Astrophel is also a part of a joint venture with an Indian manufacturer to make cryogenic valves for defense and civilian aerospace usage.
With a suborbital launch in development, Astrophel Aerospace is poised to be an integral part of India's upcoming space launch infrastructure.
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