SpaceTech Startup Abyom Secures $2.5 Mn Funds To Build Rockets, More Space Infra

Neha KamathNovember 21, 2024

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Three points you will get to know in this article:

Abyom has received $2.5 million as part of its continuing seed fundraising round from startup networking platform SCOPE Ventures.
According to the company, this is the first tranche of their $5.4 million seed financing
Startup intends to use the new funds to expand its team and hire more employees.

Spacetech Startup Abyom Gets $2.5 Mn (Around INR 21 Cr) Funding as Part Of it’s Seed Round

Abyom, a business focused on reusable rocket technology and space infrastructure, has raised $2.5 million (about INR 21 crore) in its ongoing initial fundraising round from startup networking platform SCOPE Ventures.

Abyom, founded in 2020, claims to be creating reusable rockets and RLVs to close the demand-supply gap in satellite launches.

According to the company, this is the first tranche of its $5.4 million seed round, which is expected to close in February next year.

What Will Abyom Do with Latest Funds?

The startup is developing a control system for reusable rockets, a rocket booster, and a portable engine testing equipment for low-Earth orbit launches.

Abyom, based in Gorakhpur, intends to use the new funds to expand its team and hire more employees in order to accelerate the development of innovative space technologies.

It also intends to increase its R&D activities, which will focus on space infrastructure improvements, such as the establishment of plug-and-play rocket engine testing facilities around India.

“Together, we are charting a new course in rocket journey, and we eagerly look forward to onboarding more visionary partners soon,” stated Jainul Abedin, Abyom SpaceTech’s founder and CEO.

Who Are SCOPE Ventures that Funded Abyom SpaceTech?

Appalla Saikiran founded SCOPE, an invite-only networking platform that links startups, investors, and industry experts around the world.

It attempts to encourage entrepreneurs to collaborate, obtain finance, and accelerate their growth. It provides financial consultancy and high-frequency trading solutions.

SCOPE VC, the company’s investment arm, formed a $50 million venture capital fund earlier this year to support companies.

Along with finance, SCOPE VC intends to deploy a Y Combinator-style cohort approach, providing selected businesses with mentorship, corporate contacts, and strategic tools.