Spacetech startup aims to enhance space situational awareness and orbital safety
Digantara, a spacetech startup that provides space situational awareness (SSA) solutions, has raised $1.88 million or Rs 15.54 crore in an extended Series A round of funding. The round was led by Naman Finance And Investment Private Limited (NFAI) and also saw the participation of SIDBI Venture Capital.
The Bengaluru-based startup had previously raised $10 million in a Series A1 round in June 2023 from Peak XV Partners (formerly Sequoia Capital India) and Kalaari Capital. With the latest funding, the startup has raised a total of $14.4 million to date.
According to the regulatory filings, Digantara has issued 20 equity shares and 622 Series A1 compulsory convertible preference shares (CCPS) at an issue price of Rs 2,42,122 per share to raise the new capital. Post-allotment, NFAI holds a 1.41% stake and SIDBI Venture Capital holds a 1.23% stake in the company.
The startup has also been valued at around Rs 590 crore or $71 million (post-money), which is nearly double the valuation from the previous round, as per startup intelligence platform TheKredible.
Digantara’s vision and mission
Digantara was founded in December 2018 by Anirudh Sharma, Rahul Rawat and Tanveer Ahmed, who are engineers with a passion for space. The startup’s vision is to enable safe and sustainable space operations by providing accurate and reliable SSA data and insights.
SSA refers to the ability to monitor, track and predict the movements and activities of objects in Earth’s orbit, such as satellites, debris, asteroids and other celestial bodies. SSA is crucial for ensuring the safety of spacecraft and avoiding collisions or interference that could damage or destroy them.
Digantara is building an end-to-end solution called Space-Mission Assurance Platform or Space-MAP, which will use data from various sources, including its own constellation of satellites, ground-based sensors, commercial satellite operators, government agencies and private companies. The data will be processed and converted into orbital positions and analytics, which will help the users make informed decisions and take preventive actions.
The startup’s platform will cater to three segments: defense, commercial and insurance. For defense, the platform will offer features such as volumetric screening, satellite behavior pattern analysis, threat assessment and countermeasures. For commercial, the platform will offer services such as mission design, orbital optimization, collision avoidance and debris mitigation. For insurance, the platform will offer risk reports, risk determination and claim verification.
Digantara claims to be the first and only company in India and Asia to offer such a comprehensive and integrated SSA solution. The startup also aims to become a global leader in the SSA domain and compete with the likes of LeoLabs, ExoAnalytic and Numerica.
Digantara’s achievements and future plans
Digantara has achieved several milestones since its inception. In 2021, the startup launched its first satellite, KalamSat, which was the world’s lightest and smallest satellite. In 2022, the startup launched the world’s first commercial, space-based space weather monitoring system, ROBI, which measures the proton flux in the Earth’s radiation belts. In 2023, the startup expanded to Singapore and also commenced the development of India’s first commercial SSA optical observatory in Uttarakhand. The observatory will play a crucial role in enhancing the nation’s space and SSA capabilities, according to the startup.
The startup also launched two missions in 2023 that served as the space weather testbed. The missions were called DigiSat-1 and DigiSat-2, and they carried payloads to measure the electron density and temperature in the ionosphere.
With the new funding, the startup plans to accelerate its product development and launch more satellites and sensors to augment its SSA data pool. The startup also plans to scale up its team and expand its customer base across the globe.
Digantara’s co-founder and CEO, Anirudh Sharma, said, “We are delighted to have Naman Finance and SIDBI Venture Capital join us in our journey to make space safer and more accessible for everyone. We are grateful for their trust and support in our vision and mission. We are also thankful to our existing investors, Peak XV Partners and Kalaari Capital, for their continued backing and guidance. We are confident that with this funding, we will be able to deliver our best-in-class SSA solutions to our customers and partners and create a positive impact on the space industry.”
Naman Finance’s founder and director, Naman Agarwal, said, “We are impressed by the team and the technology that Digantara has built and are excited to partner with them in their quest to solve one of the most critical and complex challenges in the space sector. We believe that Digantara has the potential to become a global leader in the SSA domain and create a lasting value for the space community and the society at large.”
SIDBI Venture Capital’s managing director, Suresh K. Sharma, said, “We are happy to invest in Digantara, which is a pioneer and innovator in the spacetech sector in India. We are impressed by the vision and the execution capabilities of the founders and the team. We believe that Digantara’s SSA platform will be a game-changer for the space industry and will enable safer and more efficient space operations. We look forward to supporting Digantara in their growth journey and helping them achieve their goals.”
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