EtherealX, a space technology startup specializing in the development of reusable launch vehicles for satellites, recently secured $5 million in a funding round led by YourNest, an early-stage venture capital firm. The round also saw participation from BIG Global Investments, BlueHill Capital, Campus Fund, and Golden Sparrow Ventures, among others.
The newly raised funds will be allocated to developing engines for EtherealX’s fully-reusable medium-lift launch vehicle. Specifically, the funds will be used to complete their test facility, conduct final tests and qualifications of the 40kN engine for the upper stage, and manufacture the 925kN semi-cryogenic engine.
Manu J Nair, the chief executive of EtherealX, emphasized that this funding will play a crucial role in advancing their technological capabilities. The Bengaluru-based startup, founded in 2022 by Nair, Shubhayu Sardar, and Prashant Sharma, has been making strides in the spacetech sector.
India’s spacetech sector has seen a notable increase in funding, securing $126 million in 2023, a 7% rise from $118 million in 2022, and more than triple the $37.6 million raised in 2021. So far this year, the sector has attracted $10.8 million in investments, according to data from Tracxn.
Ranjeet Shetye, venture partner at YourNest, highlighted the firm’s commitment to India’s deeptech startup ecosystem, stating that EtherealX embodies the qualities they seek in visionary founders who challenge the status quo. Preetinder S Panjrath, chief financial officer at BIG Capital, expressed confidence in EtherealX’s potential to transform the space transportation industry with its rapid turnaround launch vehicles, which could revolutionize fields from agriculture to space mining.
EtherealX previously raised its first institutional funding from investors including Campus Fund, BlueHill Capital, and Riceberg Ventures.
