India's Spacetech Startup Boom - Digantara Secures $10M Funding

India's spacetech sector has experienced remarkable growth in recent years, fostering a vibrant ecosystem of startups at the forefront of innovation. The past decade has witnessed a surge in the number of spacetech startups, leveraging technology advancements and entrepreneurial spirit to explore new frontiers. One of the key catalysts for this growth has been the democratization of space technology.

Bengaluru-based space tech startup Digantara recently announced a successful Series A1 funding round, raising USD 10 million. The funding round was led by Peak XV Partners, formerly known as Sequoia Capital India, showcasing the increasing value of India's space tech firms even amidst the funding winter. This investment marks Peak XV Partners' first funding announcement since their recent rebrand.

In a tweet, Digantara said, “Excited to announce that Digantara has successfully raised #USD10MM in Series A1 funding led by @peakxvpartners and @Kalaari. We are glad to be backed by investors who share our vision of building a sustainable future.”

Excited to announce that Digantara has successfully raised #USD10MM in Series A1 funding led by @peakxvpartners and @Kalaari. We are glad to be backed by investors who share our vision of building a sustainable future.https://t.co/AW7ln5lQk0

— Digantara (@Digantarahq) June 20, 2023

Developing Space-MAP and Deploying a Satellite Constellation

Digantara specializes in space situational awareness (SSA) solutions and plans to utilize the fresh capital infusion to develop its space-mission assurance platform, known as Space-MAP. Additionally, the funding will enable Digantara to deploy the initial phase of its space-based surveillance satellite constellation.

Who Are The Participating Investors and How Much Was The Previous Funding?

The funding round saw the involvement of various notable investors. Apart from Peak XV Partners, Kalaari Capital also participated. Global Brains, a venture capital firm based in Japan, Campus Fund, and the founders of IIFL Wealth also contributed. In 2021, Digantara secured a seed round of USD 2.5 million from Kalaari Capital.

How Does the Spacetech Empowers Stakeholders?

Anirudh Sharma, CEO of Digantara, expressed the company's plans to heavily invest in launching their space tech infrastructure. The aim is to track previously unobservable objects and increase the availability of data points. This infrastructure will provide stakeholders with comprehensive insights for efficient decision-making in the ever-growing complexities of the space environment.

Advancing Space Situational Awareness

Digantara's focus on space situational awareness is driven by the need to address the 96 percent of untracked objects currently in orbit. Inadequate tracking capabilities have made these objects a potential threat, as they can cause damage to spacecraft. Through its advanced SSA data collection infrastructure, Digantara aims to enable sustainable and safer space operations by building a comprehensive infrastructure powered by a multi-modal data pool.

India's First Commercial SSA Optical Observatory

Digantara has also embarked on the development of India's first commercial SSA optical observatory, located in Uttarakhand. This initiative will further strengthen the company's capabilities in space situational awareness and contribute to the advancement of India's space industry.

Shailesh Lakhani, the Managing Director of Peak XV Partners, said that Digantara's advanced SSA data collection infrastructure will significantly enhance satellite management capabilities, catering to the rapidly growing market.

With the successful funding round and the ongoing development of its space tech infrastructure, Digantara is poised to revolutionize the space industry, provide crucial insights, and ensure safer space operations. The progress made by the Bengaluru-based startup exemplifies the potential of India's space tech firms in attracting investments and pushing the boundaries of space exploration.