Bellatrix Aerospace, an IISc-incubated spacetech startup, has raised $3 million from a group of venture capital investors.
Yashas Karanam, Co-Founder, Bellatrix Aerospace, said lead investors IDFC-Parampara, StartupXseed, Karsemven Fund, and Survam Partners led the pre-Series A round. The investors also included Deepika Padukone (through KA Enterprises), GrowX Ventures, and the incubators CIIE (from IIM-Ahmedabad) and SINE (from IIT Bombay).
Bellatrix is a solution provider for in-space propulsion systems. It was founded in 2015 by Rohan Ganapathy and Yashas Karanam and over the years has worked on development of propulsion systems (thrusters) for all classes of satellites ranging from heavy (>2 ton) to micro and nano satellites.
These in-space propulsion systems add operational life and enhance mission capabilities in satellites and leads to increased revenue for the satellite operator, it said.
Since 2016, Bellatrix started working with the Indian Space Research Organization (ISRO) and other undisclosed customers, with plans to tap into the multi-billion dollar space industry.
Ganapathy, co-founder of Bellatrix, said, “During the coming months, we will be subjecting our thrusters to rigorous ground qualification tests and also work on key innovations that will make our products stand out. We will also be expanding to key global locations.”
The company is currently in the process of striking strategic partnerships and also collaborate for in-orbit demonstration of its products.
Eiliant Advisors was the sole financial advisor to Bellatrix for this transaction.
Team Indus and Astrome are among other space tech startups that have raised funding in the past.