Aditya Birla Ventures, SIDBI Invest $2 Million In Space Startup Digantara
Aditya Birla Ventures and SIDBI invest $2 million in space startup Digantara, aiming to track space debris and prepare a map for outer space.
Space startup Digantara on Wednesday announced raising $2 million in extended financing from Aditya Birla Ventures and Small Industries Development Bank of India, marking the investors' maiden foray into the space sector.
The Bengaluru-based startup aims to prepare a map for outer space, to track space debris orbiting the earth that could prove harmful for spacecraft.
"It's heartening to witness this level of support, particularly when a leading global conglomerate like the Aditya Birla Group, and important financial institutions like SIDBI, backed by the Government of India, for the first time, invest in the space sector," Digantara CEO Anirudh Sharma said.
Digantara is backed by PeakXV Partners (erstwhile Sequoia Capital India & SE Asia), Kalaari, Global Brain, and IIFL Founders.
The startup had earlier raised $10 million in Series A funding.
As of now, only 4% of the objects in orbit are tracked, thus leaving a significant gap in the surveillance and management of the rest of the millions of objects in space.
"Space tech is indeed the next frontier for innovation offering unprecedented opportunities for growth. The global space market is expected to cross $1 trillion by the next decade."
"We recognise the extraordinary potential for innovation in India and its capacity to become a significant global player in this domain," Aditya Birla Ventures Founder Aryaman Vikram Birla said.
Digantara has unveiled the Space Threat Assessment & Response Suite, its proprietary military and defense suite designed to bolster national sovereign space capabilities.
