Vesta Space Technology, the Pune-based firm, on Wednesday said it has received $10 million (about Rs 75.8 crore) in funding from Next Capital LLC, the US-based investment and advisory firm.
Founded by Arun Kumar Sureban, in 2018, Vesta Space Technology specialises in making small satellite platforms for commercial and scientific applications.
"The massive financial support will enable Vesta Space Technology expand the reach of its innovative solutions across India and the world. The company estimates to achieve a 300 per cent growth rate post the funding," a statement said.
"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 Vesta Space Technology and will allow us to scale up our operations and expand our footprint globally," Sureban said.
Vesta Space technology is aiming to acquire greater momentum by enabling businesses to leverage the potential of small and nanosatellites in India, he added. "I strongly believe that India has tremendous intellectual capital for our innovative ventures to work," he said.
With offices in Bengaluru and Pune, along with a 50-member strong team, the firm has tied up with several global space agencies, has partnered with 12 ground stations around the globe and specialises in building CubeSats and Nanosatellite technologies.
According to a 2019 report, the Satellite Data Service market is forecasted to grow from $7.5 billion in 2019 to $23.4 billion by 2025. Satellite data and imagery have proved their importance in making crucial decisions for the human race - from extensive use for observations in the ocean, atmospheric and land surface analyses and also for atmospheric composition. A database of this information can be incorporated into the planning process at the grassroots levels - and Vesta Space is positioned to lead the pack in this domain.