SpaceFields, a Bengaluru-based startup, has raised ₹42 crore (approximately $5 million) in a pre-Series A financing round led by Globaz Technologies. Rockstud Capital, Venture Catalysts, Rainmatter, Burla Angel Network, Faad Capital, SIDBI, O2 Angels, and MeitY Startup Hub participated in the round. The financing is a significant milestone of the Indian Institute of Science (IISc)-incubated startup that is the first to develop solid propulsion technologies used in the defence and space sector.

Mission and strategic backup from Globax Technologies

In 2021, Apurwa Masook, Rounak Agrawal and Sudarshan Samal established SpaceFields. SpaceFields is aimed at establishing innovative rocket propulsion systems and solid propellants that correspond to the strategic needs of India. The mission of the startup is to commercially produce field-ready solutions based on rigorous research that will be available to the national defence and the new economy of NewSpace.

This new capital inflow will enable SpaceFields to increase its production capacity, obtain regulatory licenses, and expand its workforce in terms of engineering, operations, and business units. Apurwa Masook, the CEO and co-founder, highlighted that the financing will reduce production schedules and help the company to satisfy increasing demand among local and global customers.

The lead investor of the round, Globalaz Technologies, is not entering with their capital alone. Globaz is a company with expertise in systems engineering and supply chain integration, and will be strategically involved in assisting SpaceFields to expand its manufacturing and operating capacities.

The SpaceFields and Globaz partnership will unlock system integration, precision engineering, and scalable production, which are fundamental to providing a credible propulsion system to the defence and aerospace clients.

Commercial demand and building a robust property portfolio

SpaceFields has developed a strong intellectual property portfolio in only four years, with ten patents registered, of which five are already patented. These patents include technologies of solid propulsion platforms, fuel compositions, and manufacturing processes. The technology behind the startup is to be used by a broad variety of applications, including tactical drones and missiles, launch vehicles and satellite deployment systems.

A fourth agreement with the Ministry of Defence has also been achieved by SpaceFields under the iDEX (Innovations for Defence Excellence) program, thus ensuring once again that it can be applied to the strategic interests of India. These agreements make the company a reliable collaborator with defence government departments, the Defence Research and Development Organisation (DRDO), and aerospace industry companies that need to design their own solid-fuel systems.

Solid propulsion is a vital part of the modern defence and space missions, with high thrust, dependability and small design. SpaceFields technology provides this requirement through modular and scalable platforms, which can be customised to meet the mission requirements. The competitiveness of its solutions and their high level of precision enable the startup to be a good participant in both the government and business markets.

Their new funding will be involved in the expansion of the manufacturing grounds of SpaceFields, such as the installation of new production lines and the laboratory. Another area that the company intends to invest in is talent acquisition, whereby it will recruit individuals with expertise in propulsion engineering, materials science, and aerospace systems, as these will aid in the growth of the company.

The emergence of SpaceFields presents a larger trend in India’s deeptech ecosystem, as companies are now addressing more complicated problems in the field of defence, space, and industrial automation. The firm has already secured seed funding of $1.3 million from Jamwant Ventures, HVB 88 Angels, among others. Institutional support by IISc Bangalore and government-funded initiatives such as iDEX and MeitY Startup Hub have made it successful.

Conclusion

The Indian space-tech company SpaceFields has just raised a $5 million round of funding, making it a milestone in India. The startup has strategic support of Globaz Technologies and an ever-expanding base of investors, which will enable the company to scale its native propulsion technologies and make a significant contribution to national defence and space exploration. Since the patent to production, SpaceFields is on a path which may redefine the position of India in the world aerospace and defence space.