The startup world is coming up with innovative ideas to make businesses better and lives easier. Vesta Space Technology is one such startup that manufactures nano satellite platforms for commercial and scientific purposes. This Pune-based startup recently received a massive funding of $10 million from US-based investment and advisory firm Next Capital LLC.
Started in 2018 by Arun Kumar Sureban, the startup plans on using the funds for expanding its presence not only in country but all over the world. The company has estimated a 300% growth post this funding from Next Capital LLC. This deal began with Arun’s stay in US for a project and later leading to a financial help for the company in April. This partnership will give a boost to company’s operations and help them expand their reach.
Arun believes that Indian market has the capacity to grow from Vesta Space’s new technology. The startup aims to grow itself by accelerating the growth of businesses in country through their nano-satellites. They are currently running out of Pune and Bangalore with a 50-member team. Vesta Space Technology has collaborated with multiple space agencies and 12 ground stations across the globe.
The Satellite Data Service industry is expected to have a huge growth from $7.5 billion from 2019 to $23.4 billion in 2025. Data from Satellites have been crucial in making decisions in terms of natural elements like atmosphere, oceans and land surface. Such databases can be used for planning processes at grassroots levels giving a platform to Vesta Space Technology to shine. They specialise in making CubeSats and nano-satellites which can play an important role in research and decision-making process in future for companies.