EtherealX, a promising space tech startup, has successfully raised $5 million in seed funding to advance its mission of developing reusable rocket engines. The funding round was led by Yournest and included contributions from BIG Global Investments JSC, Blue Hill Capital, Campus Fund, and Golden Sparrow Ventures.
Key Details of the Funding
- Purpose of Funds:
- Development and testing of semi-cryogenic reusable rocket engines.
- Test-firing of the 40-kilonewton engine.
- Completion of the engine test facility.
- Manufacturing of the 925-kilonewton semi-cryogenic reusable rocket engine.
- Future Plans:
- Launch of a technology demonstrator vehicle in Q4 2026.
- The vehicle will be approximately 35 meters tall and 2.5 meters wide, capable of carrying 1.2 tons into orbit.
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Manu Nair, CEO of EtherealX, emphasized that the new funding will help reduce space launch costs, which currently range between $12,500 and $16,000 per kilogram. The company’s goal is to make space access more affordable and frequent.
Additional Developments
- Gnani.ai Secures $4 Million:
- Voice-first generative AI company Gnani.ai has raised $4 million in Series A funding from InfoEdge Ventures.
- The company focuses on AI in customer experience, particularly in the BFSI sector.
- Co-founder Ganesh Gopalan highlighted significant growth and the impact of their deep tech innovation.
- Game Theory’s New Investors:
- Real sports gamification platform Game Theory has welcomed sports legends Pullela Gopichand, Saurav Ghosal, and Sharath Kamal as investors.
- Founder Sudeep Kulkarni stressed the importance of developing grassroots sports programs rather than immediate capital needs.
- Stride Ventures’ Latest Fund:
- Stride Ventures closed its third venture debt fund at $165 million.
- The focus is on supporting Indian startups in expanding globally, with plans to back 15 to 20 startups in the Gulf region by the end of 2024.