Deeptech startup SpaceFields raises $5 million in Series A round

SpaceFields, a deeptech startup has raised $5 million (about INR 42 Cr) in its pre-series A round led by Globaz Technologies. 

The round also saw participation from Rockstud Capital, Venture Catalysts, Nithin Kamath’s Rainmatter, Burla Angel  Network, Faad Capital, SIDBI, O2 Angels, MeitY Startup Hub, among others. 

The company said it will use the funds to increase production, get important regulatory approvals, and grow its engineering, operations, and other teams.

Read also- Climate tech startup Equilibrium secures $3 million in seed round

Last year, SpaceFields raised $1.3 million in seed funding from Jamwant Ventures, HVB 88 Angels, and other investors.

“Solid propulsion is a core enabler of defence and space missions, as also evident in our diverse cohort of customers such as the Armed Forces, DPSUs, DRDO, tactical drone companies, and several aerospace OEMs in need of bespoke custom developed solid-fuel powered systems,” said, cofounder Apurwa Masook.

Abhishek Agarwal, managing partner of Rockstud Capital, said, “SpaceFields is positioned in a differentiated white space, bringing in-house developed, IP-led innovations to a sector that has seen limited private innovation so far.”

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“In just four years, the team has transformed rigorous research into patent-backed solid-propulsion platforms that can strengthen our armed forces, serve the new space economy, and catalyse an entire supply chain of precision engineering,” added Apoorva Ranjan Sharma, cofounder and managing director of Venture Catalysts.

About SpaceFields

Founded in 2021 by Apurwa Masook, Rounak Agrawal, and Sudarshan Samal, the Bengaluru-based SpaceFields, a startup incubated at IISc Bangalore, builds rocket propulsion systems for defence and aerospace. 

It has developed solid-fuel propulsion for UAVs, rockets, and spacecraft. The company has won four defence ministry iDEX contracts and secured patents for four of its homegrown technologies.

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