Manastu Space, a space tech company, has secured USD 3 million Pre Series A round. IAN investors such as KRS Jamwal, Executive Director of Tata Industries invested in his personal capacity, Jaideep Mehta, Sanjiv Bajaj and Nitin Zamre, were active participants in this funding round. With this investment, Manastu Space is well poised to develop their green propulsion system for satellites, ranging from 100 kg to 500 kg.
Manastu said in a statement that it is developing green propulsion systems for satellites and hopes to validate its technology during a test flight in the coming year. It is also designing a fuel station in space to provide in-orbit refueling service for satellites which otherwise have to be abandoned after the on-board fuel is exhausted.
Padmaja Ruparel, Co-founder at India Angel Network, said, “Manastu Space brings a complementary product to the commercial space ecosystem of the country. As they build and grow, I am sure Manastu will find its place in the global space tech industry. With this investment, IAN has taken another step to support an innovative product led by passionate founders, in the best of the next sectors, emerging out of India.”
Tushar Jadhav, Co-founder of Manastu Space that the significance of India’s Research and Development progress and cutting-edge technologies in achieving global prominence in the space sector and Manastu Space is wholeheartedly committed to contributing to this vision.
Categories: Other News
Leave a ReplyCancel reply