Space Tech Startup Agnikul Cosmos Secures $26.7M in Series-B Funding

Agnikul Cosmos, an Indian space-tech startup affiliated with the Indian Institute of Technology Madras (IIT-Madras), has announced the closure of its Series-B fundraising round, garnering $26.7 million. This round brings Agnikul's total capital raised to $40 million, signifying a substantial leap for the company.

Prominent venture capital investors joined forces with Agnikul in this round including Celesta Capital, Rocketship.vc, Artha Venture Fund, and Artha Select Fund, as well as Mayfield India. Existing investors such as pi Ventures, Speciale Invest, and Mayfield India also extended their support. 

Having demonstrated its key technologies, Agnikul will use the newly acquired capital to scale them further. The company also intends to invest in essential facilities, including mobile launchpads and various test rigs that are crucial for on-demand launches.

Agnikul has a history of groundbreaking achievements, including the development and successful test-firing of 'Agnilet,' the world's first single-piece 3D printed rocket engine, fully conceived and manufactured in India. This feat was accomplished in early 2021 and marked a technological milestone. Notably, the Indian government granted Agnikul a patent for its innovative engine in 2022.

In addition to its engine achievements, Agnikul inaugurated a facility dedicated to end-to-end 3D printing of rocket engines in the previous year. This factory represents a step towards the large-scale fabrication of launch vehicle engines. Agnikul's groundbreaking design was further affirmed as it became the first company worldwide to create a rocket engine that can be 3D printed as a single, seamless piece of hardware.

“Doubling our investment isn’t merely a financial move—it's a ringing endorsement of our faith in Agnikul's prowess. We're all in, eager to see—and support—every giant leap they make in reshaping space exploration,” said Anirudh A Damani, fund manager, Artha Venture Fund.