Ashish Kacholia led the spacetech startup InspeCity’s seed funding round, which raised $5.6 million (roughly Rs 46 crore). Speciale Invest, Shastra VC, Antler India, DeVC, MGF-Kavachh, and Anicut Capital also participated.
The Mumbai-based startup raised $1.5 million in a pre-seed funding round earlier in April 2023, which was led by Speciale Invest and other investors.
InspeCity was established by IIT Bombay professor Arindrajit Chowdhury and is creating in-space servicing, assembly, and manufacturing (ISAM) solutions for satellite propulsion, rendezvous, proximity operations, and docking (RPOD) technologies, and satellite life extension.
The money raised will be used to expand the company’s fully integrated life-extension platform, VEDA (Vehicle for Life Extension and De-orbiting Activities), which is scheduled for a demonstration mission in 2027, and to support continued research and development.
In addition to signing a Memorandum of Understanding with Japan’s Orbital Lasers to investigate laser-based space debris removal solutions, the startup hopes to provide less expensive alternatives to international rivals. InspeCity observes new prospects in Southeast Asia and West Asia, even though the US and Europe continue to be significant markets.
Targeting the $14 billion ISAM market, which is expected to grow significantly by 2030, is InspeCity’s strategy.
